FedEx will acquire Dutch delivery giant TNT Express for $4.8 billion in an all-cash deal that will vastly expand the American company’s operations across Europe, the company revealed on Tuesday.

FedEx Corp. on Tuesday said it would buy Dutch parcel-delivery firm TNT Express NV for about €4.4 billion ($4.8 billion) to expand in Europe. The deal comes two years after a takeover of TNT ...