Though the holidays and their emphasis on packages are almost behind us, FedEx (NYSE: FDX) is still in a buying mood. Today, the company announced that it is shelling out $2.4 billion in cash to buy privately held business services provider Kinko’s. The deal is set to close in the first quarter of 2004.
Wow, that’s kinda cool and kinda scary. I tend to feel pretty ripped off every time I leave a Kinko’s. This is probably a good move by FedEx. It will allow them to compete with all of the Mail Boxes, Etc. that are now UPS Stores.