United Parcel Service Inc. said Monday it will buy Netherlands-based TNT Express NV for $6.77 billion (€5.16 billion) in a cash deal that will create a company with annual sales of €60 billion.
Atlanta-based UPS is the world's largest delivery company, while TNT, headquartered in Hoofddorp, Netherlands, is the second-biggest express mail company in Europe behind Germany's DHL. The combination will have 475,000 employees worldwide and increase UPS's international sales to around 36 percent of its total from 26 percent at present.
"Why is TNT very attractive?" said UPS Chief Financial Officer Kurt Kuehn at a press conference in Amsterdam. Because it has "operations in areas where we're underserved. Brazil. Australia. The Middle East. The road and train network in Europe."
Atlanta-based UPS is the world's largest delivery company, while TNT, headquartered in Hoofddorp, Netherlands, is the second-biggest express mail company in Europe behind Germany's DHL. The combination will have 475,000 employees worldwide and increase UPS's international sales to around 36 percent of its total from 26 percent at present.
"Why is TNT very attractive?" said UPS Chief Financial Officer Kurt Kuehn at a press conference in Amsterdam. Because it has "operations in areas where we're underserved. Brazil. Australia. The Middle East. The road and train network in Europe."