UPDATE 1-PostNL to sell 15 pct stake in TNT Express worth about 540 mln euro
AMSTERDAM Dec 5 (Reuters) - Dutch mail group PostNL said it would sell a 15 percent stake in logistics company TNT Express, worth 540 million euros ($737.5 million) based on Thursday's closing price, through a private placement.
PostNL owned 29.8 percent of the outstanding share capital of TNT Express as a result of the demerger of the mail and express delivery businesses in May 2011.
It said proceeds from the sale will be used to reduce debt and improve PostNL's credit rating, adding that the offer price would be agreed following an accelerated bookbuilding process.
Deutsche Bank AG and Goldman Sachs International are bookrunners for the placement, while Lazard is acting as financial advisor to TNT Express.
"The transaction is a further step in safeguarding a sustainable future for PostNL," the mail company said in a statement.
"It is part of PostNL's stated financial policy to use proceeds from a sale of the stake in TNT Express on reducing debt and improving PostNL's financial ratios to re-establish a BBB+/Baa1 credit rating."
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