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TI Logistics Briefing & News: Breaking news: TNT sells forwarding unit.
0 Comments | M2 Presswire, November, 2006
M2 PRESSWIRE-16 November 2006-Transport Intelligence Ltd: TI Logistics Briefing & News: Breaking news: TNT sells forwarding unit(C)1994-2006 M2 COMMUNICATIONS LTD RDATE:16112006 TNT N.V. has today announced that it has signed a deal to sell its freight management business unit to French logistics service provider GEODIS SA.
The transaction has a value of *460 million, cash and debt free. TNT estimates cash proceeds of above *400 million. The transaction will bring TNT a book gain of well over * 150 million and is expected to close in the first quarter of 2007 subject to regulatory clearances. Final amounts will be calculated on the basis of completion accounts. Peter Bakker, CEO of TNT stated: "We bought the business in 2004 primarily based on a rationale...
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