November 6, 2006 12:00 PM, EST

TNT Completes Sale of Logistics Division

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etherlands-based transportation company TNT NV said Saturday it had completed sale of its logistics business to U.S. private equity fund Apollo Management for 1.48 billion euros, or about $1.9 billion.

TNT’s shareholders approved the deal in late September and the European Commission granted clearance under its merger regulations late last month, TNT said.

The deal was first announced in August. (Click here for previous coverage.)

TNT will receive about a 5% stake, or the equivalent of $19 million, in the new company.

TNT Logistics North America, based in Jacksonville, Fla., is ranked No. 30 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers and No. 12 on the TT Logistics 50 listing of logistics firms.