TNT sells Belgian and Italian mail divisions
TNT has announced the sale of mail units in Belgium and Italy to NPM. The Dutch company has signed an agreement to sell its mail unit in Belgium and its unaddressed mail activities in Italy to management and private equity firm NPM Capital.
The move comes after TNT announced late last year that it would spin off its Express unit to concentrate its European mail activities on addressed mail in Germany, the UK and Italy.
TNT’s mail unit in Belgium, De Belgische Distributiedienst, handles the distribution of unaddressed mail and daily newspapers next to providing database management services. In 2009, its revenues stood at EUR 100m. The company confirmed that the parcels activities of TNT Post Pakketservice in Belgium are not included in the sale.
RSM Italia, the unaddressed mail business in Italy, generated revenues of EUR 38m in 2009. TNT Post Italy will continue with the addressed mail business and the mailroom activities.
The company did not disclose the financial details of the deals; however it did state the businesses will continue to operate under its current management.
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. The European Works Council has issued a positive opinion, TNT confirmed.
