By Colin Kellaher

 

FedEx Corp. on Wednesday said it agreed to buy online-shopping platform ShopRunner Inc. in a deal that bolsters its e-commerce capabilities.

Financial terms weren't immediately available.

The Memphis, Tenn., package-delivery giant said the acquisition of ShopRunner, which charges a yearly membership fee of $79 for two-day shipping from more than 100 retailers, will complement and expand its e-commerce portfolio.

FedEx said the acquisition, which it expects to complete by the end of the year, should create increased value for merchants and consumers.

Chicago-based ShopRunner is currently owned by privately held technology company Kynetic, the holding company of billionaire Michael Rubin that also controls online sports retailer Fanatics Inc.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

December 02, 2020 12:09 ET (17:09 GMT)

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