Under the terms of the EUR 5.16 billion ($6.28 billion) offer, UPS will acquire TNT Express to create a service leader in the logistics industry and an enhanced, integrated global network. The complementary strengths of both organizations will create a customer-focused global platform that will be a leader in transportation technology and customer service.
The combined network will help facilitate the flow of trade, making customers more competitive not just in U.S. and European markets, but also in markets across Asia and Latin America - helping to stimulate much needed economic growth.
A Phase II investigation can take up to 25 weeks to complete. It is likely the offer condition relating to competition clearance will not be satisfied by the end of the initial offer period. UPS therefore expects to extend the offer period beyond 31 August 2012 in accordance with its commitment as set out in the Offer Memorandum. UPS will issue updates as appropriate.
UPS and TNT Express welcome the opportunity to further engage with the Commission's competition services. UPS and TNT Express remain convinced the merger will benefit customers and other stakeholders and look forward to successful completion of the regulatory process.
The deal is expected to be completed in the fourth quarter of 2012.