TNT sells mail business in Belgium

TNT has signed an agreement to sell its mail business in Belgium, De Belgische Distributiedienst, and its unaddressed mail business in Italy, RSM Italia, to management and NPM Capital NV.

NPM Capital, a leading private equity firm in the Benelux, will provide financing. The businesses will continue to operate under its current management.

De Belgische Distributiedienst has a leading position in the unaddressed mail market in Belgium and handles the distribution of unaddressed mail and daily newspapers next to providing database management services. In 2009, the revenues of De Belgische Distributiedienst were US$131 million. The parcels activities of TNT Post Pakketservice in Belgium are not included in the sale.

RSM Italia generated revenues of $50 million in 2009. TNT Post Italy will continue with the addressed mail business and the mailroom activities.

The sale of de Belgische Distributiedienst and RSM Italia is conditional upon approval of the national competition authorities of Belgium and Italy. Completion of the transaction is expected in the first quarter of 2011.
(Source:www.cargonewsasia.com)