FedEx Corp. said yesterday it acquired U.K.-based P2P Mailing Ltd., a provider of worldwide e-commerce transportation services, for US$129.6 million.

Headquartered in Laindon, P2P will operate as a subsidiary of FedEx Cross Border within the FedEx Trade Networks operating company, Memphis-based FedEx said. P2P provides last-mile delivery services working with private, postal, retail, and clearance providers in more than 200 countries, FedEx said.

The acquisition is aimed at solidifying FedEx's position in the cross-border e-commerce market, which is growing by an estimated 25 percent a year, and is in the early stages of its development. In conjunction with this growth, global parcel volumes are expected to climb 17 to 18 percent a year from 2017 through 2021, according to estimates from e-commerce provider Pitney Bowes Inc.

"Global e-commerce continues to grow at a rapid pace, and more and more merchants, marketplaces, e-commerce and social platforms are looking for innovative, cost-effective ways to get merchandise from distribution points in one country to customers in another," said Carl W. Asmus, president and CEO, FedEx Cross Border, in a statement.