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Share Name | Share Symbol | Market | Type |
---|---|---|---|
FedEx Corp | NYSE:FDX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.38 | -0.53% | 260.65 | 265.57 | 259.845 | 263.50 | 1,085,245 | 01:00:00 |
By Chelsey Dulaney
FedEx Corp. on Wednesday detailed how it will pay for its EUR4.4 billion ($4.9 billion) acquisition of TNT Express NV, saying it will use mostly debt to finance the deal.
The company said it has secured EUR2.0 billion in fully committed debt financing and can use EUR900 million from an existing credit facility. The company also said it can pay EUR1.5 billion of the offer in available cash.
FedEx agreed in April to buy Dutch package-delivery company TNT, making an end run around rival United Parcel Service Inc. and positioning itself to capitalize on the growth of e-commerce in Europe.
FedEx already has a sizable air-express delivery operation in Europe, but it lags behind in the ground-delivery business. Acquiring TNT would give it an established door-to-door road network in Europe that connects more than 40 countries, saving the U.S. company the time and money required to build one from scratch.
But the all-cash FedEx deal is subject to approval by European Union regulators. In January 2013, EU regulators quashed an effort by UPS to acquire TNT for about $7 billion, unraveling an agreement that was about a year in the making.
FedEx said Wednesday that it plans to submit its offer to Netherlands regulators for approval by June 30, the deadline under Dutch law.
The deal must also receive antitrust clearance in China, Brazil and the U.S.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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