THE HAGUE, Netherlands — Fed Ex has agreed to take over Dutch delivery company TNT Express for $4.8 billion, bolstering its global business with an acquisition that rival UPS had tried but failed to complete two years ago.
FedEx on Tuesday said it reached a conditional agreement with TNT Express’ management on an all-cash offer of $8.75 per TNT share. That represents a premium of 33 percent over the shares’ Thursday closing price.
FedEx Corp. chairman and CEO Fred Smith said on a call with analysts that his company had built an air-express business in Europe but wanted a ground network. Buying TNT allows FedEx to take advantage of growing Internet commerce and position itself for better long-term growth in profit, he said.
The deal is expected to close in the first half of 2016, pending shareholder approval.
FedEx shares rose $4.49, or 2.7 percent, to close at $171.16, and U.S.-traded shares of TNT jumped $1.71, or 26.1 percent, to $8.26.
