UPS has confirmed that it will buy TNT Express for EUR5.16bn (USD6.77bn). In one of the anticipated announcement after it made its bid on 17 Feb, UPS made anannouncement on 19 Mar that the boards of the two companies have issued a joint statement outlining the price and the conditions of the sale. The statement also included a report on the position of the dominant shareholder, PostNL, committing it "irrevocably" to the deal. It appears that TNT Express will continue as a separate entity for some time rather than its assets being wholly absorbed into the European divisions of UPS. The statement asserted that "all employee rights, covenants, and benefits under current ownership will be respected." This may refer to agreements with the workforce over pensions and other benefits which were rumoured to be an important aspect of the negotiations to buy the company. UPS is financing the deal out of a mix of USD3bn in cash and "new debt arrangements".