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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.