MEMPHIS (dpa-AFX) - FedEx Corp. (FDX), the logistics giant, Wednesday announced that it is spinning off FedEx Freight business and following the separation FedEx Freight common stock will begin trading on the New York Stock Exchange on June 1, under the symbol 'FDXF.'
FedEx stockholders will be entitled to receive one share of FedEx Freight common stock for every two shares of FedEx common stock held as of the record date. Stockholders will receive cash in lieu of fractional shares of FedEx Freight common stock, FDX said in a statement.
Beginning May 27, and ending at the close of May 29, it is surmised that there will be two markets for FedEx common stock on the NYSE, namely a regular way market and an ex-distribution market, and a when-issued market for FedEx Freight.
Further, FedEx Freight will pay a cash dividend of around $4.1 billion to FedEx before the separation from the proceeds of the $3.7 billion senior notes offering completed in February 2026 and borrowings under its delayed-draw term loan facility.
In association with the separation, FedEx intends to redeem all 1.3 percent notes due 2031 on May 28 also known as redemption date.
Currently, FDX shares are trading at $375.78, down 0.17% on the New York Stock Exchange.
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