US courier service FedEx has announced the planned acquisition of Dutch rival TNT express this morning.
The firm has offered €8 per share in TNT, a 33 per cent increase on its current market price, which would value the company at €4.4bn euro. According to a joint press release, the deal is expected to be completed in the first half of next year.
FedEx says the purchase will "transform" its European operations, and accelerate global growth.
"We believe that this strategic acquisition will add significant value for FedEx share owners, team members and customers around the globe. This transaction allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends," chairman and chief executive Frederick Smith.
Both companies are confident that any anti-trust concerns can be addressed - wary of repeating the mistake of UPS, whose bid for TNT in 2013 was blocked by the EU on grounds that customers would lose out.
TNT has experienced difficulties in the European market of late, announcing in February that it expected adverse trading conditions to continue this year.
Ireland's branch of TNT, which has a much more significant presence than Fed Ex, employed 200 people and generated revenues of €40m in 2013, the last year figures available.
