UPS agrees to buy TNT Express for $6.7 billion

AMSTERDAM - Associated Press

In a Feb. 21, 2012 file photo a TNT delivery truck is seen in Hoofddorp, near Amsterdam, Netherlands. United Parcel Service Inc. said Monday March 19, 2012, it has agreed to buy TNT Express NV for $6.77 billion. AP photo

United Parcel Service Inc. says it has agreed to buy TNT Express NV for $6.77 billion (€5.16 billion) in a deal supported by TNT's boards.

UPS's cash offer of 9.5 per share for TNT Europe's second-largest express delivery company behind DHL comes a month after TNT turned down a 9 per share offer. The companies remained in talks.

UPS said Monday the deal is a 54 percent premium to TNT's closing price before the first offer Feb. 17. TNT shares closed at 9.35 on Friday.

The acquisition would be the biggest ever for Atlanta-based UPS, which is the world's largest delivery company.