CITIC PE agrees carve-out of TNT's China road business
CITIC Private Equity has agreed to buy TNT Express’ China road operations for an undisclosed sum. It is one of several divestments expected from the Netherlands-based logistics provider, which is seeking to cut costs and refocus on its core European market after a takeover attempt by UPS was blocked by competition authorities.
The transaction and the subsequent settlements are subject to regulatory approvals. It is expected to close in the second half of 2013 with settlement of part of the purchase price to be cleared in 2014....
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