The European Commission has officially cleared the proposed joint venture between CTT (Correios de Portugal) and DHL eCommerce under EU merger rules.
With this primary regulatory hurdle removed, the companies expect to finalize the transaction in May 2026, pending final approval under the EU Foreign Subsidies Regulation.
This strategic agreement directly targets the Iberian e-commerce sector. Spain and Portugal currently form Europe’s fourth largest parcel market. By combining their operations, DHL and CTT will establish a regional logistics network capable of processing more than 1 million shipments per day, which is projected to generate approximately €1 billion in revenue.
Pablo Ciano, CEO of DHL eCommerce, stated that the partnership will deliver a high performing network for both B2B and B2C shippers while solidifying DHL’s European footprint. Joao Bento, CEO of CTT, echoed this sentiment, noting the deal will significantly accelerate CTT’s expansion across the Iberian Peninsula.
The joint venture involves a distinct operational split and mutual stake acquisitions designed to capture regional growth:
- Portugal Operations: CTT Expresso will formally acquire DHL eCommerce’s operations in Portugal and take over management of all DHL parcel volumes within the country.
- Spain Operations: The partners will divide the market to maximize efficiency. CTT Express will focus exclusively on B2C delivery services, while DHL eCommerce Spain will handle B2B logistics activities.
- Cross Ownership: Grupo CTT will take a 25% stake in DHL eCommerce Spain, while DHL eCommerce will acquire a reciprocal 25% stake in CTT Expresso. Both parties retain the option to increase their respective stakes up to 49% in the future.