ANNOUNCEDSpinoffTax-Free Spinoff

FedEx Freight Spinoff

FDXFedEx CorpNYSE

Parent Company

FedEx Corp

FDX

Transportation / LTL

SpinCo / Target

FedEx Freight

ANNOUNCED

2024-12-19

EXPECTED

06/01/2026

MARKET CAP

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DEAL VALUE

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Summary

FedEx announced the separation of its less-than-truckload (LTL) freight business into an independent publicly traded company. FedEx Freight is the largest LTL carrier in North America with approximately $9.4B in revenue.

Details & Analysis

The spinoff is expected to unlock significant value as LTL carriers trade at premium multiples compared to integrated logistics companies. Comparable pure-play LTL companies like Old Dominion Freight Line and Saia trade at 20-25x forward earnings vs FedEx's blended 15x.