TNT reaches agreement to sell its logistics division to Apollo Management, L.P. - Following completion TNT will launch a share buy back program of up to € 1 billion
23 August 2006
Amsterdam, TNT N.V. announces that it has today signed a Sale and Purchase Agreement to sell its logistics division to affiliates of Apollo Management, L.P., a leading private equity firm with offices in New York, London and Los Angeles. The intended sale is part of TNT’s Focus strategy in which the company announced on December 6th last year that it would focus on its core competency of managing delivery networks. The total transaction value is € 1,480 million on a cash and debt free basis, of which € 15 million will be received in the form of a 5% equity stake in the new company. TNT intends to return most of the net proceeds, which are estimated at between € 1.2 billion and € 1.3 billion, to its shareholders by way of a share repurchase program with a value of up to € 1 billion. The share repurchase program is expected to commence as soon as possible after completion.
23 August 2006
Amsterdam, TNT N.V. announces that it has today signed a Sale and Purchase Agreement to sell its logistics division to affiliates of Apollo Management, L.P., a leading private equity firm with offices in New York, London and Los Angeles. The intended sale is part of TNT’s Focus strategy in which the company announced on December 6th last year that it would focus on its core competency of managing delivery networks. The total transaction value is € 1,480 million on a cash and debt free basis, of which € 15 million will be received in the form of a 5% equity stake in the new company. TNT intends to return most of the net proceeds, which are estimated at between € 1.2 billion and € 1.3 billion, to its shareholders by way of a share repurchase program with a value of up to € 1 billion. The share repurchase program is expected to commence as soon as possible after completion.
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