After EU Veto, TNT Sells Off Chinese Delivery Unit

Law360, New York (March 28, 2013, 2:45 PM EDT) -- Dutch delivery company TNT Express NV said Thursday that it will sell its Chinese road delivery business to a private equity firm, two months after European antitrust regulators blocked the company's $6.8 billion merger with United Parcel Service Inc.

TNT said it will offload Hoau — a domestic delivery network that operates 1,500 depots covering more than 600 cities in China — to private equity funds managed by Chinese firm CITIC PE. The parties didn't release financial details of the deal, but financial statements show Hoau...
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