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Order HereTransportation and logistics carrier FedEx has inked a conditional agreement to acquire 100% of TNT Express, which will result in TNT Express selling its airline operations.
FedEx is offering €8.00 ($8.79) per share, valuing TNT Express at approximately €4.4 billion, but it will only go ahead with the offer if it can gain 100% ownership. The partners expect to close the deal by June 2016. “FedEx has a market capitalization of $47 billion, solid investment grade credit rating and ample available liquidity,” FedEx said in a statement.
Announcing the deal on Tuesday, FedEx said the European regional headquarters of the combined companies will be in Amsterdam/Hoofddorp and Liege will be maintained as a “significant operation,” but TNT Express’ own air operations will be sold.
“TNT Express’ operations as a European air carrier will be divested to address applicable airline ownership regulations. Where permitted by regulation, FedEx intends to transition TNT Express’ intercontinental air operations to FedEx,” the companies said in a statement.
FedEx chairman and CEO Frederick Smith described TNT Express as a strategic acquisition that will add significant value, positioning FedEx for greater long-term profitable growth. The acquisition will strengthen FedEx’s global network, combining TNT Express strong European capabilities and FedEx’s strength in other regions, such as North America and Asia.
TNT Express CEO Tex Gunning said his company did not solicit an acquisition, but FedEx’s proposal has been unanimously recommended and supported by TNT Express’ executive and supervisory boards. “With this offer our shareholders can already reap benefits today that otherwise would only have been available in the longer run.”
The companies added there is a “high level of deal certainty” and 14.7% TNT Express shareholder PostNL has confirmed it plans to tender its stake. Likewise, TNT Express’ only shareholding board member has agreed to sell his shares.
“The combined companies will cooperate to avoid any significant redundancies in the global or Dutch work forces,” according to the joint statement. The TNT Express brand will be maintained for “an appropriate period” and Gunning plans to stay on as a board member.
News of the deal comes just two years after UPS was blocked from a similar transactionon competition grounds, but the partners are confident they can resolve any antitrust concerns.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereTransportation and logistics carrier FedEx has inked a conditional agreement to acquire 100% of TNT Express, which will result in TNT Express selling its airline operations.
FedEx is offering €8.00 ($8.79) per share, valuing TNT Express at approximately €4.4 billion, but it will only go ahead with the offer if it can gain 100% ownership. The partners expect to close the deal by June 2016. “FedEx has a market capitalization of $47 billion, solid investment grade credit rating and ample available liquidity,” FedEx said in a statement.
Announcing the deal on Tuesday, FedEx said the European regional headquarters of the combined companies will be in Amsterdam/Hoofddorp and Liege will be maintained as a “significant operation,” but TNT Express’ own air operations will be sold.
“TNT Express’ operations as a European air carrier will be divested to address applicable airline ownership regulations. Where permitted by regulation, FedEx intends to transition TNT Express’ intercontinental air operations to FedEx,” the companies said in a statement.
FedEx chairman and CEO Frederick Smith described TNT Express as a strategic acquisition that will add significant value, positioning FedEx for greater long-term profitable growth. The acquisition will strengthen FedEx’s global network, combining TNT Express strong European capabilities and FedEx’s strength in other regions, such as North America and Asia.
TNT Express CEO Tex Gunning said his company did not solicit an acquisition, but FedEx’s proposal has been unanimously recommended and supported by TNT Express’ executive and supervisory boards. “With this offer our shareholders can already reap benefits today that otherwise would only have been available in the longer run.”
The companies added there is a “high level of deal certainty” and 14.7% TNT Express shareholder PostNL has confirmed it plans to tender its stake. Likewise, TNT Express’ only shareholding board member has agreed to sell his shares.
“The combined companies will cooperate to avoid any significant redundancies in the global or Dutch work forces,” according to the joint statement. The TNT Express brand will be maintained for “an appropriate period” and Gunning plans to stay on as a board member.
News of the deal comes just two years after UPS was blocked from a similar transactionon competition grounds, but the partners are confident they can resolve any antitrust concerns.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereTransportation and logistics carrier FedEx has inked a conditional agreement to acquire 100% of TNT Express, which will result in TNT Express selling its airline operations.
FedEx is offering €8.00 ($8.79) per share, valuing TNT Express at approximately €4.4 billion, but it will only go ahead with the offer if it can gain 100% ownership. The partners expect to close the deal by June 2016. “FedEx has a market capitalization of $47 billion, solid investment grade credit rating and ample available liquidity,” FedEx said in a statement.
Announcing the deal on Tuesday, FedEx said the European regional headquarters of the combined companies will be in Amsterdam/Hoofddorp and Liege will be maintained as a “significant operation,” but TNT Express’ own air operations will be sold.
“TNT Express’ operations as a European air carrier will be divested to address applicable airline ownership regulations. Where permitted by regulation, FedEx intends to transition TNT Express’ intercontinental air operations to FedEx,” the companies said in a statement.
FedEx chairman and CEO Frederick Smith described TNT Express as a strategic acquisition that will add significant value, positioning FedEx for greater long-term profitable growth. The acquisition will strengthen FedEx’s global network, combining TNT Express strong European capabilities and FedEx’s strength in other regions, such as North America and Asia.
TNT Express CEO Tex Gunning said his company did not solicit an acquisition, but FedEx’s proposal has been unanimously recommended and supported by TNT Express’ executive and supervisory boards. “With this offer our shareholders can already reap benefits today that otherwise would only have been available in the longer run.”
The companies added there is a “high level of deal certainty” and 14.7% TNT Express shareholder PostNL has confirmed it plans to tender its stake. Likewise, TNT Express’ only shareholding board member has agreed to sell his shares.
“The combined companies will cooperate to avoid any significant redundancies in the global or Dutch work forces,” according to the joint statement. The TNT Express brand will be maintained for “an appropriate period” and Gunning plans to stay on as a board member.
News of the deal comes just two years after UPS was blocked from a similar transactionon competition grounds, but the partners are confident they can resolve any antitrust concerns.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.