Katie O'Brien
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FedEx Acquires Rival in Huge $4.8 Billion Deal

FedEx (NYSE: FDX) announced Tuesday it would acquire UK-based global shipping company TNT Express (OTCPK:TNTEF), according to The New York Times. The deal will be carried out in an all-cash transaction, totalling $4.8 billion.

Shares of TNT Delivery soared more than 30 percent Tuesday, hitting 7.84 euros, The New York Times reported.

“This offer comes at a time of important transformations within TNT Express, and we were fully geared to executing our stand-alone strategy,” Tex Gunning, the chief executive of TNT, said according to The Times. “But while we did not solicit an acquisition, we truly believe that FedEx’s proposal, both from a financial and a nonfinancial view, is good news for all stakeholders.”