UPS to buy TNT Express for £4.3bn

United Parcel Service said today it had agreed to buy TNT Express, Europe’s second-largest express delivery company, for nearly £4.3bn.

The deal, supported by TNT’s boards, would be the biggest yet acquisition for Atlanta, Georgia-based UPS, which is the world’s largest delivery company.

UPS’s cash offer of €9.50 a share for TNT, which is Europe’s second-largest express delivery company behind DHL, comes a month after TNT turned down a nine euro-per-share offer. The companies remained in talks.

UPS said the deal was a 54% premium to TNT’s closing price before the first offer on February 17.

TNT shares closed at €9.35 on Friday.