FedEx to Buy 10 Airbus Cargo Jets

FedEx Corp.’s air-delivery unit agreed to buy 10 Airbus SAS A380 cargo jets valued at $2.3 billion, a decision that ensures development of a freighter version of the world’s largest commercial jet.

The agreement completes a commitment FedEx made in January 2001 to buy the planes and brings to 95 the total firm orders for A380s. With the aircraft, FedEx, the only U.S. carrier to commit to the planes, will be able to fly more freight greater distances.

The Memphis, Tenn.-based company’s shares rose 88 cents to $50.78 on the NYSE.