FedEx makes offer to acquire TNT Express, TNT airline operations to be divested
FedEx and TNT Express reached (07-Apr-2015) a conditional agreement on a recommended all cash offer for all issued and outstanding ordinary shares of TNT Express for EUR8 per share, valuing TNT Express at an implied equity value of approximately EUR4.4 billion. PostNL confirmed to support the offer and tender its 14.7% TNT Express shareholding. FedEx intends to finance the offer through available cash resources and existing a new debt arrangements. The offer is expected to close in 1H2016. The European regional headquarters of the combined companies will be in Amsterdam/Hoofddorp and TNT Express' hub in Liege will be maintained as a significant operation. TNT Express' airline operations will be divested to address applicable airline ownership regulations. FedEx intends to transition TNT Express' intercontinental air operations to FedEx where permitted. The combined companies expect to offer an enhanced integrated global network, benefiting from TNT Express' European road platform and Liege hub and FedEx's strength in other regions, including North America and Asia. [more - original PR - FedEx/TNT] [more - original PR - PostNL]