United Parcel Service (UPS) said Friday it has put in place financing to complete the acquisition of Amsterdam-based TNT Express.
In a move likely to alter the express delivery landscape in Europe, UPS in March reached a deal to buy TNT for €5.16 billion ($6.8 billion). The Atlanta-based company said it will finance the purchase with €3.7 billion of available cash on its balance sheet and €1.46 billion in debt through existing credit facilities.
UPS formally submitted the deal for approval to the Netherlands financial markets authority. It aims to close the transaction in the current quarter.
Article Source : ATW Daily News
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