TNT to Spin Off Package Express Unit

TNT NV, the Netherlands-based package and mail delivery operator, said it would spin off Europe’s second-biggest express delivery service and keep the smaller mail division, Bloomberg reported.

 

The company said Thursday that current investors will receive newly issued stock in the express unit next year, whose value has been estimated at as much as $8.2 billion. TNT will keep 30% ownership, Bloomberg said.

 

The announcement marked a strategic change for TNT, which began to separate express and postal businesses in April with the aim of selling the latter.