EU clears CTT-DHL eCommerce JV for Iberian market rollout

The European Commission has approved the proposed joint venture between CTT – Correios de Portugal and DHL eCommerce under the EU Merger Regulation, removing a key regulatory hurdle for the transaction announced in December 2024.

The approval satisfies the main condition precedent requiring external regulatory clearance. The companies said they will now proceed with the remaining steps needed to complete the transaction and formally establish the joint venture, subject to clearance under the EU Foreign Subsidies Regulation and other conditions.

The transaction is expected to close 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."

João Bento, CEO of CTT, said, "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."

The partnership is designed to improve efficiency and competitiveness for both companies in the e-commerce and parcel markets in Spain and Portugal, which together represent Europe’s fourth largest market. The companies said the agreement will generate combined revenues of €1 billion.

The joint venture will establish parcel pickup and delivery networks across the Iberian Peninsula with a combined daily capacity of more than 1 million shipments. The structure includes joint ventures in both countries.

Under the terms of the transaction, CTT Expresso will acquire DHL eCommerce Portugal. Grupo CTT will also acquire a 25 percent stake in DHL eCommerce Spain, while DHL eCommerce will acquire a 25 percent stake in CTT Expresso. Both companies will have the option to increase their shareholdings up to 49 per cent.

In Portugal, CTT Expresso will take over DHL eCommerce’s local operations and act as the joint processor and distributor of DHL eCommerce parcel volumes. In Spain, CTT Express will focus on B2C services, while DHL eCommerce Spain will handle B2B operations.