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UPS has agreed to buy TNT Express for $6.7B

UPS has agreed to buy TNT Express for $6.7B

March 19th, 2012 in News

AMSTERDAM (AP) - United Parcel Service Inc. says it has agreed to buy TNT Express NV for $6.77 billion (€5.16 billion) in a deal supported by TNT's boards.

UPS's cash offer of €9.5 per share for TNT - Europe's second-largest express delivery company behind DHL - comes a month after TNT turned down a €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 €9.35 on Friday.

The acquisition would be the biggest ever for Atlanta-based UPS, which is the world's largest delivery company.