TNT on Feb. 5 completed the sale of its freight management business unit to French logistics service provider Geodis. The sale, announced Nov. 16, leaves TNT holding only the express and mail business the Dutch-based operator says it will focus on.
The total transaction value is $595 million debt free. After transaction costs, TNT expects net proceeds of approximately $582 million and a book value of approximately $246 million.
TNT will use most of the proceeds to make further share repurchases, the company said.