UPS is Said to Reach Deal to Buy Europe’s TNT Express
(NEW YORK) -- After raising its initial offer, United Parcel Service Inc. has reached an agreement to buy the second-largest European express delivery company, TNT Express NV (TNTE), Bloomberg News reports.
Unnamed sources told the news agency that an announcement could come as early as Monday, and the price will most likely be €9.50 ($12.51) to €10 ($13.71). The lower price would value the European company at €5.16 billion.
On March 16, TNT closed at €9.35 in Amsterdam, valuing the company at €5.08 billion, based on data compiled by Bloomberg. UPS, the largest package-delivery company in the world, traded at $79.41 in New York.
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