TNT Express has reached agreement to make sale of its Hoau domestic road operations in China to private equity funds as it made focus on European business after failing to be acquired by United Parcel Services Inc.
The said private equity funds are managed by an affiliate of Citic Group Corp. based in Hong Kong and the deal would be closed in the second half of this year, said TNT, which headquarters in Hoffdorp, Netherlands, in a statement.
TNT has decided the move after UPS, the biggest package-delivery firm in the company, did not pursue its 5.16 billion euro bid for the company in January.
UPS had to terminate its bid when regulators of European Union made it clear that they would block the deal.
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