TNT Logistics sale finalized
Global mail and express delivery company TNT said Monday it has completed the sale of its logistics division to New York-based investment firm Apollo Management L.P.
Apollo agreed Aug. 23 to buy TNT Logistics for 1.48 billion euros ($1.88 billion) after a lengthy auction process.
Netherlands-based TNT will receive proceeds of 1.3 billion euros after subtracting various finance leases, rebranding and other separation costs. TNT has said it will return 1 billion euros ($1.27 billion) in proceeds to shareholders through a share-repurchase program.
With the completion of this transaction, Dave Kulik will become chief executive officer of the new company and has resigned from the TNT board of management.
TNT Logistics sale finalized
