Netherlands-based post and parcel firm PostNL - parent company to TNT Post -has sold part of its stake in TNT Express.
The company revealed the sale of half of its share in TNT Express last week. It formerly held around 30% of the business’s outstanding share capital.
The sale commenced on Friday (6 December) and will close on Thursday (12 December) and PostNL has valued the sale at €507m, approximately €6.20 per share.
PostNL has held a 30% stake in the company after TNT Express demerged from TNT NV in May 2011.
TNT Express in the UK recently revealed plans to restructure its finance and admin operations, cutting 237 jobs.
