UPS to Buy U.K.'s Lynx Express

The agreement is valued at $96.5 million.
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agreed to acquire the U.K.'s Lynx Express for $96.5 million, a purchase the package delivery company said will further strengthen its services in the British Isles.

Lynx is one of the U.K.'s largest independent parcel carriers, and the company is majority-owned by the private equity firm Bridgepoint Capital (Nominees) Ltd. UPS expects to complete the transaction in the second half of the year.

Lynx had sales of $295 million for the fiscal year ended Oct. 2, 2004.

Atlanta-based UPS has offered service to and from the U.K. since the mid-1980s. In the last quarter, the company reported a nearly 8% gain in export volume growth from the region compared with the same period last year.

Shares of UPS closed Friday at $72.92.