The DHL eCommerce and Correios de Portugal joint venture partnership has been unconditionally approved under the EU Merger Regulation by the European Commission.
The joint venture was initially announced by the two companies on 19 December 2024, with the agreement estimated to generate combined revenues of €1bn (c. £870m).
It will seek to create two of the most wide-ranging parcel pick-up and delivery networks in the Iberian Peninsula, with a combined daily capacity of more than 1 million shipments.
As part of the transaction, CTT Expresso will acquire DHL eCommerce Portugal; additionally, Grupo CTT will acquire a 25% stake in DHL eCommerce Spain, and DHL eCommerce will acquire a 25% stake in CTT Expresso.
Both CTT and DHL will have the option to increase their respective shareholdings up to a maximum of 49%.
In Portugal, CTT Expresso will take over DHL eCommerce’s local operations, ensuring that CTT Expresso becomes the joint processor and distributor of DHL eCommerce parcel volumes in Portugal.
In Spain, the collaboration will follow a clear and complementary model: CTT Express will focus on B2C services, while DHL eCommerce Spain will concentrate on B2B activities.
DHL eCommerce CEO, Pablo Ciano, said: “We welcome the news that clearance has been granted to proceed with the joint venture between DHL eCommerce and CTT.
“We look forward to jointly creating a high-performing network that delivers quality, reliability and value for B2B and B2C customers in Spain and Portugal.
“Together, we can support the competitiveness and growth ambitions of retailers in this important and fast-growing market.
“This partnership also further strengthens DHL’s leading position in the European e-commerce market, providing customers with access to new growth opportunities across our broader network.”
