UPS Extends TNT Deal Closure Date to 4Q
UPS Inc. said it expects its $6.3 billion acquisition of TNT Express NV will close in the fourth quarter, from an earlier projected Aug. 31 date, due to more time for review by European regulators.
An investigation by the European Commission could take up to 25 weeks, UPS said in a statement.
UPS originally announced the TNT deal in March and last month officially opened an offer period with a end date for the deal to close of Aug. 31.
UPS will have to sell at least 51% of TNT’s air freight business, under European Union rules that stipulate that European airlines cannot be majority-owned by non-Europeans, Bloomberg reported.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
