UPS Announces TNT Acquisition
UPS Inc. said Monday it will acquire Netherlands-based TNT Express, after boosting its offer for the Dutch package firm to 9.5 euros per share, from a previous 9 euros per share.
That price is 53.7% over TNT’s share price on Feb. 16, before UPS and TNT announced talks about a possible acquisition, the two said in a joing statement Monday released by UPS.
The approximatly $6.8 billion deal is UPS’ biggest purchase, topping its 2005 acquisition of less-than-truckload company Overnite Corp. for about $1.25 billion, Bloomberg reported.
UPS controlled 7.7% of the European express-parcels market in 2010, compared with FedEx Corp.’s 3.3% and TNT’s 9.6%, Bloomberg said. Deutsche Post AG’s DHL unit is the leader in the region, with 17.6%.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
