Today, FedEx (NYSE:FDX) is making headlines with its announcement to spin off its FedEx Freight division into a separate publicly traded company. FedEx shares rose 4.9% following the announcement.
The enterprise value of FedEx Freight is expected to be more than $30 billion marking its impressive contribution to FedEx's revenues.
FedEx Freight, which is set to become a separate publicly traded company, contributed $9.4 billion in revenue in 2023. This makes it the largest business segment by sales in the less-than-truckload (LTL) industry.
By FedEx spinning off the business, FedEx Freight can become a separate independent entity that unlocks its value to public shareholders.
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