AMSTERDAM – LAWFUEL – Law News Network – Allen & Overy has advised TNT on the divestiture sale of its TNT Logistics division to affiliates of Apollo Management. The deal is valued at approximately EUR 1.5 billion. TNT Logistics is one of the largest logistics companies in the world and employs approximately 36,000 employees, making it one of the largest transactions to have taken place in the Netherlands. TNT Logistics operates in 28 countries and manages 7.3 million square meters of warehouse space.
The transaction was structured as a controlled auction and was relatively complicated due to carve-out issues as well as the number of jurisdictions involved.
The Allen & Overy team was led by partners Jan Louis Burggraaf and Justin Steer. They were assisted by Suzanne Sikkink (Corporate), Gijs Linse (Corporate), David Fiene (Corporate), Leonard Verburg (Employment), Renzo ter Haseborg (Employment), Olaf Kroon (Tax) and Ben Fox (Banking & Finance). Assistance was also provided by Mario Colombatto (Milan), Luigi Mula (Milan), Allesandro Lega (Turin), Matthias Horn (Frankfurt) and Kenneth Chan (Hong Kong).
Corporate partner Justin Steer commented: “We are pleased to have assisted TNT on this challenging transaction. The team work with TNT’s in-house M&A and legal team was exemplary. Their expertise and commitment were second to none.”
Jan Louis Burggraaf, corporate partner, commented: “We are proud to have worked with TNT since it was first established in 1998. Watching it transform from a traditional postal company into a world wide network driven company has been interesting for both TNT and its advisors. The move to divest itself of TNT Logistics reinforces the strategic choice to focus on building an international network focussed company, it is a choice which has been well received by the industry and shareholders alike.”