Dutch mail firm PostNL to sell 15% stake in TNT Express

Dutch mail company PostNL plans to sell a 15% stake, or about €540 million, in TNT Express through a private placement, Reuters reports. TNT Express Aircraft / Wikipedia The company owns 29.8% stake in TNT Express. PostNL intends to use proceeds from the sale to reduce debt and improve its credit rating. Deutsche Bank AG and Goldman Sachs International are serving as book-runners, while Lazard is acting as financial advisor to TNT Express.