FedEx Corp. agreed to buy Dutch parcel-delivery company TNT Express NV for 4.4 billion euros ($4.8 billion), predicting it can succeed where bigger rival United Parcel Service Inc. was blocked by regulators in 2013.
TNT investors will receive 8 euros a share in cash, 33 percent more than the closing price on April 2, the most recent trading day. That’s less than UPS’s January 2012 offer of 9.50 euros, a reflection in part of a deal that has fewer synergies for FedEx, TNT Chairman Antony Burgmans said.
