AMSTERDAM, March 28 (Reuters) – Dutch express delivery company TNT Express said it has sold Hoau, its Chinese domestic road business, to private equity funds managed by CITIC Private Equity, but gave no financial details.
The Dutch firm was forced to come up with a new standalone strategy earlier this year after the European Commission, Europe’s market regulator, blocked U.S. rival United Parcel Service’s $7 billion takeover offer in January because of competition concerns.
TNT Express said last month it would sell its domestic operations in China and Brazil to improve profitability after losses made in 2012 and 2011.