UPS up 1.7% on Acquisition of TNT Express

United Parcel Service

is trading higher on the session following its announcement to acquire TNT Express for $6.77 billion. The purchase price represents a 53.7% premium to TNT share price on February 16. “With this combination, both UPS and TNT Express will significantly enhance their ability to serve our combined customers' complex global logistics needs. The additional capabilities and broadened global footprint will support the growth and globalization of our customers' businesses. At the same time, this positions us for future growth, which will benefit our employees and shareowners,” said Scott Davis, UPS Chairman and CEO. UPS is currently trading at $79.76, a gain of $1.35 or 1.72%.