TPG, BRITISH POST, SINGAPORE POST LAUNCH JOINT VENTURE
TNT Post Group, the British Post and Singapore Post have signed an agreement to form a joint venture cross-border mail company with headquarters in Belgium.
Under the unique deal, the three national mail firms will join their international mail delivery expertise, systems and networks to create the world's largest business mailing partnership, the companies said. The joint venture will have annual revenue of close to $450 million.
TPG, parent company of the Dutch post office and express carrier TNT, will own 51 percent. The British Post and Singapore Post are each taking 24.5 percent ownership stakes.
The alliance comes as the European mail sector continues to undergo rapid change. Observers see the new joint venture as a response to Deutsche Post's rapid expansion into international markets and a platform for deeper cooperation between the three participating posts.
“This alliance represents a significant milestone in the history of the world's postal market,” said Ad Scheepbouwer, chief executive officer of TPG. “International mailers worldwide will now have even more choice, more options and a more sophisticated system for sending their mail. This is a strategic alliance which will bring benefits to many millions of companies around the globe.”
