Iberian partnership between CTT and DHL receives unconditional ‘green light’ from Brussels
The European Commission has approved the joint venture between the Portuguese company and the German group, which divides the consumer and business markets in Portugal and Spain between the two firms.
The partnership between CTT and DHL in the Iberian Peninsula has been given the green light by the European Commission. The European competition regulator has approved the joint venture “unconditionally”, without imposing any remedies, the company stated in a press release sent to the Portuguese Securities Market Commission (CMVM).
The authorisation, “under the EU Merger Regulation”, constituted “the main precondition requiring approval from an external regulatory authority”. “With this requirement now met, the parties will proceed with the remaining steps necessary to complete the transaction and formally establish the joint venture, subject to authorisation under the EU Foreign Subsidies Regulation and the remaining preconditions”, adds the company led by João Bento.
The deal is complex, involving cross-shareholdings. “To consolidate the partnership, CTT Expresso is acquiring DHL e-commerce Portugal; meanwhile, the CTT Group is acquiring a 25% stake in DHL eCommerce Spain and DHL eCommerce is acquiring a 25% stake in CTT Expresso. Both CTT and DHL may increase their respective stakes up to a maximum of 49%”, both groups summarise in a second joint statement.
“In Portugal, CTT Expresso will take over DHL eCommerce’s local operations, becoming jointly responsible for the handling and distribution of DHL eCommerce parcels throughout the country. In Spain, the collaboration will follow a clear and complementary model: CTT Express (the Spanish subsidiary of CTT Expresso) will focus on B2C services and DHL eCommerce Spain on B2B activities”, they add.
This deal, which could reshape the Iberian logistics and parcel market, was pending approval from DGComp, which has now arrived somewhat later than the initially set timeline of the second half of 2025. CTT announced on Thursday that it now expects the transaction with DHL “to be completed in May 2026”. The deal values CTT Expresso at €482 million (enterprise value), DHL Parcel Portugal at €12 million and DHL Parcel Iberia at €106 million.
Quoted in a press release, the CEO of CTT states that “this approval represents an important milestone in the implementation of this strategic partnership”. “By combining our strengths in the Iberian Peninsula, we are enhancing the value we deliver to customers and responding more effectively to the rapid growth of e-commerce. This partnership, working with DHL eCommerce in Spain and integrating DHL eCommerce in Portugal, enables CTT Expresso to accelerate its growth, expand its presence and strengthen its position as one of the fastest-growing e-commerce logistics operators in the Iberian Peninsula”, emphasises the Portuguese executive.
Pablo Ciano, CEO of DHL eCommerce, highlights the aim of “jointly creating a high-performance network that offers quality, reliability and value to B2B and B2C customers in Spain and Portugal”. “Together, we can support the competitiveness and growth ambitions of retailers in this vital and rapidly growing market. This partnership also strengthens DHL’s leading position in the European e-commerce market, providing customers with access to new growth opportunities through our expanded network”, he adds.
In its December announcement, the company also highlighted that “DHL’s net contribution to Phase 1 of the transaction amounts to €69 million, on a debt-free/cash basis”. “The agreement, which will generate combined revenues of €1 billion, will create two of the most extensive parcel collection and delivery networks in the Iberian Peninsula, with a daily capacity of over one million parcels, supported by the creation of joint ventures in both countries”, states the press release issued on Thursday.
“This partnership will strengthen the efficiency and competitiveness of both companies, enabling them to capitalise on the growth potential of the e-commerce and parcel delivery market in Spain and Portugal, which together represent the fourth-largest market in Europe”, conclude CTT and DHL.
On Wednesday, the CTT group presented its annual results for 2025, a year in which it made a profit of €50.7 million, 11.4% more than the previous year. The company’s board decided to increase the dividend to 19 cents, having remained at 17 cents for two consecutive years. João Bento will step down as CEO of CTT by the end of April, to be replaced by the current director responsible for finance, Guy Pacheco.
