FedEx Freight Completes Spin-Off from FedEx Corporation

Summary

FedEx Freight Holding Company, Inc. has completed its spin-off from FedEx Corporation, becoming an independent, publicly traded company. The spin-off involved the distribution of 80.1% of FedEx Freight's common stock to FedEx stockholders, with FedEx retaining 19.9% of the shares. The transaction was facilitated by several agreements, including a Separation and Distribution Agreement, Transition Services Agreement, Tax Matters Agreement, Employee Matters Agreement, Intellectual Property Cross-License Agreement, Trademark License Agreement, and Stockholder and Registration Rights Agreement. The spin-off also resulted in significant changes to FedEx Freight's board of directors and executive team, as well as amendments to the company's articles of incorporation and bylaws. Prior to the spin-off, FedEx Freight paid a cash dividend of approximately $4.1 billion to FedEx.