Freightways has completed its acquisition of Australian express freight operator VT Freight Express (VTFE), strengthening its presence in the Australian express market and expanding its business-to-business capability.
In a statement to the NZX, the company says the acquisition of the business and assets of VTFE has been completed, following the announcement in December.
VTFE is a Victoria-based express freight company providing parcel and palletised delivery services across the state and into interstate markets. Freightways says the acquisition builds on its existing Australian operations in a niche that complements the business-to-consumer focus of its Allied Express unit.
Freightways first announced the deal on December 17, agreeing to purchase VTFE for A$71 million (NZ$81.4 million), subject to adjustments. The company said at the time that VTFE generated A$77 million in revenue in the 12 months to October 2025 and that the transaction was expected to be 6% earnings-per-share accretive in its first year.
VTFE was founded in 2010 and services more than 350 customers across sectors including building, healthcare, retail and plumbing. It operates an asset-light model using a contractor fleet and leased facilities, similar to Freightways’ Allied Express business.
Freightways says VTFE will continue to operate as a standalone brand under its multi-brand strategy, retaining its existing leadership team while sharing resources where appropriate. The company said the acquisition provides a stronger entry point into Australia’s B2B express freight market and supports future growth, both organically and through further mergers and acquisitions.
VTFE services all Australian states and territories and operates with 87 contractors and 49 staff.
Freightways has funded the acquisition through a combination of existing and new bank debt facilities.
Advisers on the transaction included KPMG, which provided financial, tax, climate and ESG due diligence, Gilbert + Tobin as legal adviser, and Balfour Green as M&A adviser. Wisewould Mahoney acted for VT Freight Express.
