UPS increases cash payment for TNT

UPS is increasing the amount of cash it expects to spend to pay for TNT Express, its largest-ever acquisition.

Thursday, the Sandy Springs-based company said it expects to pay for the company with $5 billion of available cash and will issue about $1.8 billion in new debt to fund the $6.77 billion purchase.

That's a $2 billion increase in the amount of cash UPS expects to spend, as compared to its original announcement. UPS announced its plan to buy the Dutch package delivery company March 19, but the deal -- which is expected to close in the third quarter -- must still be approved by European Union regulators.