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With the sale of TNT Logistics, the merger and acquisition carousel continues to turn in the world of 3PLs that have truly global reach. Apollo Management LP has announced its intention to buy the entire logistics operations of TNT NV for approximately $1.9bn, according to Peter Bakker, CEO of TNT.
The sale was expected, especially since Bakker said at least as early as last December that the parent company wanted to spin off the logistics arm so it could concentrate on what it considers its core businesses-mail and express delivery.
Bakker says that Dave Kulik, head of the logistics division, will resign from the TNT board to become CEO of the new logistics company. TNT NV is to retain a 5 percent equity stake in the new entity, but is not expected to have any management role in its operations.
Apollo Management, New York City, has invested widely-reportedly $16bn since 1990-in numerous industries worldwide. Current and past investments reportedly include Pacer International, Quality Distribution, Metals USA, United Agri-Products, Affinion, AMC Entertainment, Cablecom, General Nutrition Centers, Goodman Global, Hexion Specialty Chemicals (which includes the former coatings and inks resins division of Akzo Nobel and Resolution Performance Products formerly owned by Royal Dutch Shell), Nalco and Unity Media.
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