TNT Express sells Chinese domestic road business to CITIC PE
AMSTERDAM, March 28
AMSTERDAM, March 28 (Reuters) - Dutch express delivery company TNT Express said on Thursday it has sold Hoau, its Chinese domestic road business, to private equity funds managed by CITIC Private Equity.
TNT Express, which had announced it would sell operations in China and Brazil as part of its restructuring, did not give a price for the deal but said it expected settlement of part of the purchase price to be cleared next year.
Hoau is one of China's leading domestic road distribution service providers and a leader in the domestic delivery business. It has an extensive domestic road distribution network with about 1,500 depots, covering more than 600 cities.