Freightways Group (NZE:FRW, ASX:FRW) agreed to acquire the business and assets of VT Freight Express (VTFE) for AU$71 million, according to a Wednesday filing with the Australian and New Zealand bourses.

VTFE is a Victoria-based express freight operator providing business-to-business (B2B) parcel and palletized delivery services nationwide, generating AU$77 million in revenue in the 12 months to October and operating an asset-light model through a contractor fleet and leased facilities, the filing said.

The acquisition strengthens the company's position in the Australian express market by adding a complementary B2B service alongside Allied Express's business-to-consumer operations and is expected to lift first-year earnings per share by around 6%, per the filing.

VTFE will maintain its own leadership, the filing added.

The transaction, to be funded through a combination of existing and new bank debt facilities, is expected to be completed on or after Jan. 30, 2026, subject to customary adjustments.

Freightways Group's New Zealand shares were up almost 3% in recent Wednesday trade.