The European Commission has unconditionally approved, under the EU Merger Regulation, the joint venture partnership between Portugal's national postal operator Correios de Portugal and DHL eCommerce.

The partnership was first announced on December 19, 2024.

This clearance constituted the principal condition precedent requiring approval from an external regulatory authority.

DHL said in a statement that with this requirement now satisfied, CTT and DHL eCommerce will now proceed with the remaining steps necessary to complete the transaction and formally establish the Joint Venture, subject to clearance under the EU Foreign Subsidies Regulation (FSR) and the remaining conditions precedent. 

The Transaction is now expected to be closed in May 2026.

Pablo Ciano, CEO of DHL eCommerce, welcomed the news of the clearance.

"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," he said, adding that together, the companies can support the competitiveness and growth ambitions of retailers.

João Bento, CEO of CTT said the clearance "marks an important milestone" for the companies. 

"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," he said.

"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 will boost the efficiency and competitiveness of both CTT and DHL eCommerce, enabling them to capture the significant growth potential of the e-commerce and parcel market in Spain and Portugal, representing Europe's fourth-largest market.

The agreement, which will generate combined revenues of one billion euros, will create two of the most wide-ranging parcel pick-up and delivery networks in the Iberian Peninsula, with a combined daily capacity of more than 1 million shipments, supported by the establishment of joint ventures in both countries.

As part of the transaction, CTT Expresso will acquire DHL eCommerce Portugal; additionally, Grupo CTT will acquire a 25% stake in DHL eCommerce Spain, and DHL eCommerce will acquire a 25% stake in CTT Expresso.

Both CTT and DHL will have the option to increase their respective shareholdings up to a maximum of 49%.

Meanwhile, in Portugal, CTT Expresso will take over DHL eCommerce's local operations, ensuring that CTT Expresso becomes the joint processor and distributor of DHL eCommerce parcel volumes in Portugal.

In Spain, the collaboration will follow a clear and complementary model: CTT Express will focus on B2C services, while DHL eCommerce Spain will concentrate on B2B activities.