Private equity firm pays $1.9 billion for TNT Logistics
TNT N.V., the Dutch parent company of TNT Logistics North America, has completed the sale of its worldwide logistics division to Apollo Management L.P. for $1.9 billion.
Apollo Management, L.P., also known as Apollo Advisors L.P., is a private equity firm with offices in New York, London and Los Angeles.
The sale completes TNT's strategy to exit the logistics industry and focus on its higher yielding European postal and global parcel express businesses. With the completion of this transaction, Dave Kulik, CEO of TNT Logistics North America and group managing director of the global logistics division, will become CEO of the new company and resign from the TNT board of management.
TNT Logistics North America is based in Jacksonville, FL.
The sale to Apollo was announced on August 23. On Sept. 29 the shareholders' meeting approved the transaction and on Oct. 24 the European Commission granted clearance under the EU Merger Regulation.