FedEx agrees to buy Tower Group International

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Memphis, Tenn., and New York--FedEx Corp. announced Thursday it has agreed to acquire Tower Group International, an international logistics business, from The McGraw-Hill Cos. FedEx said Tower will provide a foundation for FedEx Trade Networks, a FedEx subsidiary that will assist customers in their planning for international trade and transportation. The move signals that FedEx's battle with United Parcel Service of America is heating up overseas. For McGraw-Hill, the move signals an increased focus on its core businesses. "The divestiture brings further clarity to our growth strategy in our information and media services segment where we are building a global franchise for Business Week, enhancing our leadership position in key business-to-business vertical markets and migrating our information to the Web," Harold McGraw III, McGraw-Hill's chairman-CEO, said in a statement.
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