FedEx agrees to $4.8B deal to expand in Europe

April 7, 2015 11:59 AM

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Package delivery service FedEx announced Tuesday a $4.8 billion merger that will allow it to expand in Europe — sending the stock higher close to 5% in early trading.

FedEx said it will buy Dutch rival TNT Express, one of Europe's largest delivery companies, for 4.4 billion euros, or $4.8 billion, in cash.

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