Memphis, Tenn. ? Shipping giant FedEx Corp. agreed to buy copy shop chain Kinko’s for $2.4 billion in cash Tuesday, in a deal the companies said would vastly expand FedEx’s retail presence and make Kinko’s “a one-stop back office” for small- and mid-size businesses.

“The FedEx and Kinko’s combination will substantially increase our retail presence worldwide and will enable both companies to take advantage of growth opportunities in the fast-moving digital economy,” said Frederick Smith, chairman, president and CEO of FedEx Corp.

Memphis-based FedEx runs the world’s largest cargo airline, FedEx Express, as well as well as FedEx Ground trucking operations for business to business and home deliveries. Kinko’s is the leading provider of copying and other business services and has annual revenues of $2 billion and is cash fat, FedEx said.

FedEx already has drop boxes at Kinko’s and full counter services at 134 stores. When the transaction is completed, FedEx will have full service at all Kinko’s.

FedEx said it was impressed with Kinko’s recent growth in digital services and its place as an “office away from home” for traveling executives, offering computer access, meeting rooms and other such services.

“We currently are the ‘back office’ for hundreds of thousands of midsize businesses in copying, printing and computer services,” said Kinko’s chief executive Gary Kusin, who will remain in that position and report to Smith.

Joining FedEx will make Kinko’s “a one-stop back office,” he said.

Half of Kinko’s business comes from small to medium companies, but business from larger corporations has increased to 20 percent and is growing, Kusin said. The rest of Kinko’s business comes from walk-in customers.

FedEx announced Tuesday that it is buying the Kinko's chain in a .4 billion cash deal. In Lawrence, a Kinko's branch is located downtown at 911 Mass.