CTT and DHL eCommerce Joint Venture Approved by the European Commission

Correios de Portugal and DHL eCommerce were notified that the European Commission unconditionally approved, under the EU Merger Regulation, the joint venture partnership, as announced by the two companies on 19 December 2024.

This clearance constituted the principal condition precedent requiring approval from an external regulatory authority.

With this requirement now satisfied, CTT and DHL eCommerce will proceed with the remaining steps necessary to complete the transaction and formally establish the Joint Venture, subject to clearance under the EU Foreign Subsidies Regulation (FSR) and the remaining conditions precedent.

The Transaction is now expected to be closed in May 2026.

Pablo Ciano, CEO of DHL eCommerce 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.”

“This clearance marks an important milestone. CTT and DHL eCommerce bring together long-standing experience and shared principles in the parcel and logistics sector, where quality and reliability are central. By combining our strengths across the Iberian Peninsula, we enhance the value we deliver to companies and customers and address more effectively the fast-paced expansion of e commerce. This partnership — working with DHL eCommerce in Spain and integrating DHL eCommerce in Portugal — allows CTT Expresso to accelerate its growth, broaden its footprint, and reinforce its position as one of Iberia’s fastest growing e commerce logistics operators.” says João Bento, CEO of CTT.

The strategic partnership will boost the efficiency and competitiveness of both companies, enabling them to capture the significant growth potential of the e‑commerce and parcel market in Spain and Portugal, representing Europe’s fourth‑largest market.

The agreement, which will generate combined revenues of one billion euros, will 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, supported by the establishment of joint ventures in both countries.

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.