TNT has completed the sale of the logistics division to affiliates of Apollo Management, and has started a share repurchase program of up to €1 billion.
With the completion of the €1.48 billion sale to Apollo, Dave Kulik will become CEO of the new company, and has therefore resigned from the TNT board of management.
TNT has also announced the start of a share repurchase program of up to €1 billion, with the intention to cancel the ordinary shares acquired through the repurchase program.
The approximate maximum number of ordinary shares to be repurchased under this repurchase program is 32.9 million, calculated on the basis of the last trade prior to commencement of this repurchase program.
The share buyback will end after six months unless the aggregate value of shares acquired by TNT since the start of this buyback reaches €1 billion, or 10% of the outstanding ordinary shares are repurchased, including any ordinary shares already held by the company
