FedEx to Buy E-Commerce Platform ShopRunner
03 December 2020 - 4:24AM
Dow Jones News
By Colin Kellaher
FedEx Corp. on Wednesday said it agreed to buy online-shopping
platform ShopRunner Inc. in a deal that bolsters its e-commerce
capabilities.
Financial terms weren't immediately available.
The Memphis, Tenn., package-delivery giant said the acquisition
of ShopRunner, which charges a yearly membership fee of $79 for
two-day shipping from more than 100 retailers, will complement and
expand its e-commerce portfolio.
FedEx said the acquisition, which it expects to complete by the
end of the year, should create increased value for merchants and
consumers.
Chicago-based ShopRunner is currently owned by privately held
technology company Kynetic, the holding company of billionaire
Michael Rubin that also controls online sports retailer Fanatics
Inc.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 02, 2020 12:09 ET (17:09 GMT)
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