US delivery service FedEx reached a deal Tuesday to buy Dutch rival TNT Express for 4.4 billion euros ($4.8 billion), ramping up its EU presence as global e-commerce proliferates.
The companies “reached conditional agreement on a recommended all-cash public offer of 8.00 euros per ordinary TNT Express share,” a joint statement said.
The offer represents a premium of 33 percent over the closing share price of Thursday, and a premium of 42 percent over the average share price over the last three calendar months.
As a part of the agreement, TNT will sell its airline business. The acquisition is estimated to be accomplished in 2016.
TNT Express boss Gunning said the unsolicited offer came at a time of “important transformations” for the company.
“Our people and customers can profit from the true global reach and expanded propositions, while with this offer our shareholders can already reap benefits today that otherwise would only have been available in the longer run,” he said.