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FedEx Corporation announced on Tuesday in a joint press release with TNT Express NV that the two companies have reached a conditional agreement for the purchase of the Dutch parcel-delivery firm, two years after a $7-billion takeover of TNT by United Parcel Service Inc fell apart due to antitrust issues. TNT shares surged 30%.

The two companies said that the transaction was unanimously recommended and supported by TNT Express’ Executive Board and Supervisory Board. The agreed upon all-cash public offer amounts to €8.00 per ordinary TNT Express share, a 33% premium over April 2nds closing price and a 42% premium over the average volume weighted price per TNT Express share over the past 3 months, valuing the firm at €4.4 billion ($4.8 billion).

The acquisition would provide the US company with access to TNTs European road network and accelerate its growth, while also giving TNT customers access to FedExs global distribution platform.

The two companies said there was a “high level of deal certainty”, while TNTs largest shareholder, Dutch mail company PostNL NV, said it supports the offer and will tender its 14.7% stake in the parcel-delivery firm.

“We believe that this strategic acquisition will add significant value for FedEx shareowners, team members and customers around the globe,” said Frederick W. Smith, Chairman and CEO of FedEx Corp. “This transaction allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends.”

Two years ago, European Union competition regulators blocked a €9.50-per-share takeover bid by United Parcel Service, saying that the acquisition would restrict competition in 15 EU countries. Unlike FedEx, UPS already had a strong foothold on Europe as it moved to buy TNT.

The Dutch firm embarked on a restructuring program, but ever since the deal fell through it has struggled to find a new stand-alone strategy as it suffered from sluggish growth in a weak European market for business package deliveries. The firm warned in February it anticipated tough trading to continue in western Europe.

FedEx and TNT, however, dont expect the deal to raise antitrust concerns this time due to the strength of competitors in relevant markets, and project the transaction to be completed in the first half of 2016.

“This offer comes at a time of important transformations within TNT Express and we were fully geared to executing our stand-alone strategy,” said Tex Gunning, CEO of TNT Express. “But while we did not solicit an acquisition, we truly believe that FedEx’s proposal, both from a financial and a non-financial view, is good news for all stakeholders.”

The two companies agreed that TNTs existing employment terms will be respected and the European regional headquarters of the combined companies will be in Amsterdam/Hoofddorp. Also, TNT Express’ airline operations will be divested, while TNTs hub in Liege will be maintained as a significant operation for the group going forward.

TNT Express NV soared 30.58% to €7.84 per share by 7:41 GMT on Tuesday in Amsterdam, nearing the offer price.

FedEx Corp settled 0.27% higher on Monday in New York at $166.67 per share, valuing the company at $47.29 billion. According to CNN Money, the 25 analysts offering 12-month price forecasts for FedEx have a median target of $195.00, with a high estimate of $219.00 and a low estimate of $165.00. The median estimate represents a +17.00% increase from the last price of $166.67.

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