United Parcel Service (UPS) is set to buy TNT Express for 5.16 billion euros (approximately $4.7 billion).
UPS secured the deal on an all-cash public offer of 9.50 euros per share. The deal is largest in UPS’ 105-year history and will see it increase its European presence to match rival logistics company DHL.
Scott Davis, chairman and chief executive of UPS, said, “With this combination, both UPS and TNT Express will significantly enhance their ability to serve our combined customers’ complex global logistics needs. The additional capabilities and broadened global footprint will support the growth and globalisation of our customers’ businesses.”
