EU clears sale of TNT logistics - freight management will be sold too
published: cw 44, 2006 in Mergers & acquisitionsTNT announced that the European Commission has granted clearance under the EU Merger Regulation to the acquisition of the logistics division of TNT by Apollo Management, L.P. TNT currently anticipates that the acquisition will be completed before the end of the year. Furthermore TNT announced the decision to divest its Freight Management business unit.
Peter Bakker, CEO of TNT, stated: ?the business unit as such is in excellent shape, however, as we are focusing on the growth opportunities in our core Mail and Express network distribution activities, our Freight Management business unit would benefit from a different corporate environment. Our initial exploration has identified strong interest in this business.?
TNT Freight Management is a freight forwarding business using air and sea transportation and originates from Wilson Logistics which was acquired by TNT in 2004. The business unit employs 2,300 people, operating from 126 offices in 28 countries with a significant presence in the Nordic region. The business unit represents approximately ? 800 million in annual revenues.
Source: TNT
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