There were nine M&A deals made during the quarter with a combined value of $23.6bn, which is almost 69 percent of total deal value for logistics services Q2 2015. In April, FedEx began its acquisition of express company TNT at a value of $4.8bn, which was the largest M&A announcement during the three-month period.

Cross-border expansions were key drivers for many of the deals, particularly in advanced economies. Cross-border activity is less significant in emerging economies, the report said, since those companies tend to be smaller and are looking to acquire local competitors to increase market share.

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