TNT completes Hoau takeover
TNT, the Amsterdam-based mail and express company, Wednesday completed the acquisition of Shanghai-based freight and parcels delivery firm Hoau, following approval from the Chinese government.
Both parties have agreed not to disclose any financial details.
Established in 1995, Hoau’s network includes 1,100 depots, 3,000 vehicles and 56 hubs in China covering all major and second-tier cities. Hoau has 12,000 employees.
“The acquisition of Hoau is a significant milestone for TNT. It will help us achieve our ambition to build the number one distribution network in China by giving us comprehensive road coverage,” said Peter Bakker, TNT’s chief executive officer. “The move is at the core of our strategic focus on integrated domestic and international networks. This will also enable us to link China with our Asian Road Network.”