FedEx makes cash-offer acquisition bid for TNT Express
Deal will look to unite courier brands under a global network and “add significant value” for customers
Global courier company FedEx Corporation has announced that it has made an all-cash offer to buy Dutch competitor TNT Express.
The US delivery firm has made a bid of €8.00 per share which values TNT at €4.4bn (£3.2bn).
The logistics firms are said to have reached a conditional agreement on the bid for all of TNT’s issued and outstanding shares and, if accepted, the acquisition will see TNT operate under the FedEx brand as part of its international network.
FedEx has said that the acquisition will add “significant value” for its customers across the world.
FedEx founder and CEO, Frederick Smith, commented:
“This transaction allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends – especially the continuing growth of global e-commerce – and positions FedEx for greater long-term profitable growth.”