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.