United Parcel Service Inc. reached an agreement to acquire Dutch rival TNT Express NV in a $6.8 billion deal that cements UPS’s position as a leading package-shipping company in Europe.

Under the terms of the deal announced Monday, UPS plans to pay €9.50 ($12.51) a share, or €5.16 billion, for TNT Express.

TNT Express is the smallest of the big four global package shippers, and while it has struggled somewhat in recent months, the merger will give UPS a foothold in Europe to round out its U.S. presence and expanding Asia business.

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