PB Group is further consolidating its presence in Malta’s logistics sector through a newly approved joint venture between Thomas Smith & Co. Limited and FastDrop Limited.

The transaction has received clearance from Malta’s Office for Competition under the Control of Concentrations Regulations, paving the way for the creation of a newly incorporated jointly controlled entity.

Under the agreement, FastDrop will transfer its entire business into the new company, while Thomas Smith will contribute operational resources to support and scale the venture. The joint entity will focus on delivery, warehousing and logistics services, with particular emphasis on the growing “last-mile” segment in Malta.

The move builds on PB Group’s 2023 acquisition of Thomas Smith’s insurance and logistics business, which brought under its umbrella one of Malta’s longest-established operators. Thomas Smith has been active in Malta for nearly 180 years, operating across freight forwarding, ship agency services, transport and maritime-related operations.

By combining Thomas Smith’s infrastructure and sector depth with FastDrop’s expertise in last-mile delivery, the new structure is expected to strengthen PB Group’s integrated logistics offering. The venture positions the group to provide end-to-end supply chain solutions spanning international freight, warehousing and domestic distribution.

Malta’s last-mile logistics segment has grown steadily in recent years, driven by increased e-commerce activity and demand for faster delivery services. Industry players have been investing in consolidation and operational scale to meet rising customer expectations.

In its assessment, the Office for Competition concluded that the notified concentration would not result in a substantial lessening of competition. It noted that there was only minimal horizontal overlap between the parties’ existing activities and therefore cleared the transaction under the simplified procedure.