AMSTERDAM (AP) - United Parcel Service Inc. says it has agreed to buy TNT Express NV for $6.77 billion (â‚¬5.16 billion) in a deal supported by TNT's boards.
UPS's cash offer of â‚¬9.5 per share for TNT - Europe's second-largest express delivery company behind DHL - comes a month after TNT turned down a â‚¬9 per share offer. The companies remained in talks.
UPS said Monday the deal is a 54 percent premium to TNT's closing price before the first offer Feb. 17. TNT shares closed at â‚¬9.35 on Friday.
The acquisition would be the biggest ever for Atlanta-based UPS, which is the world's largest delivery company.