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UPS has announced it has the funding in place for the acquisition of TNT Express, which was announced on 19 March.

The US parcels giant will finance the deal by using €3.7bn of cash from its balance sheet and around €1.46bn via existing credit facilities.

Totalling €5.16bn, the original deal reached between UPS and TNT Express was for an all-cash offer of €9.50 per ordinary share for the takeover of the Dutch business.

In line with Dutch regulatory requirements, UPS will submit a request for approval of its Offer Memorandum to the Netherlands Authority for the Financial Markets later today (14 May), with an announcement published and the deal anticipated to take place by end of Q2.