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Cramer: FedEx-TNT deal means Europe’s improving

Cramer: FedEx-TNT deal is 'fabulous'

FedEx's latest deal points to better economic conditions in Europe, CNBC's Jim Cramer said Tuesday.

"[CEO Fred Smith is] the first guy that sees that Europe is back, but you can still get in and just take advantage of the upswing, " he said on CNBC's "Squawk on the Street. "

Cramer made his remarks after the package delivery giant announced it plans to buy TNT Express, a Netherlands-based courier, for $4.8 billion. FedEx's stock was up about 3.3 percent in midmorning trading.

"I thought this was fabulous. I thought FedEx was not even up enough in premarket trading," Cramer added. "FedEx is such a smart company. It's been a dramatic outperformer versus UPS. UPS has done nothing [and they] missed two holiday seasons. "

Read More FedEx offers to buy TNT Express for $4.8B

UPS' stock is up about 0.4 percent in the last six months, while FedEx's has risen nearly 7 percent.