US parcels delivery firm FedEx is to buy its Dutch rival TNT Express for €4.4bn ($4.8bn; £3.2bn) as it looks to expand its European operations.
In a joint statement, the companies said both management boards had reached a “conditional agreement”.
FedEx has offered shareholders €8 per share, a 33% premium on TNT’s closing share price on 2 April.
It comes two years after United Parcel Service (UPS) pulled out of a €5.2bn bid for the Dutch firm.
Since then TNT has undertaken a restructuring programme, cutting costs, selling operations and investing heavily in its road network to hold on to customers in a weak European market for business package deliveries.