FedEx to acquire Israeli-based Flying Cargo Group’s international express business - FreightWaves FedEx Express, the air and international unit of FedEx Corp. (NYSE: FDX), has reached a conditional agreement to acquire the international express business of Flying Cargo Group, FedEx Express’ long-standing Israeli agent. Flying Cargo Group is one of the most world’s most iconic transportation and logistics agencies. The agreement, which is subject to regulatory approval, is expected to close in the first half of 2019, the companies explained late yesterday. Until then, Flying Cargo’s international express business and FedEx Express, which operates international services in Israel through its TNT Express operation, will function independently. Flying Cargo will continue to own and operate the rest of its portfolio, which includes warehousing, fulfillment and intra-Israeli pick-up and delivery, the companies said.