FedEx, TNT Express Reach Agreement On All-cash Offer For TNT

FedEx Corp. and TNT Express NV announced Tuesday that they have reached a conditional agreement in which the U.S. company will buy the Dutch logistics group in an all-cash 8 euro-a-share offer. The deal, which was unanimously agreed by TNT's board, values that company at €4.4 billion ($4.8 billion). In a statement, the companies said there is a "high level of deal certainty," and PostNL NV has committed to support the offer and tender its 14.7% stake in TNT Express. The offer price represents a premium of 33% over TNT's April 2 closing price of €6. FedEx said the move will help it transform its European capabilities and speed up global growth. TNT Express's airline unit will be divested under terms of the deal, which is expected to close in the first half of 2016.