TNT Express has agreed to sell its Dutch fashion business, TNT Fashion Group B.V., to a group of companies that includes Belspeed and the Netlog Group for an undisclosed amount.
The fashion group’s works council and federal regulators both have to approve the deal, but the arrangement is expected to be completed during the second quarter.
TNT officials said the sale will allow them to shift the focus to core areas of activity.
“The new owners will retain the acquired business as a separate legal entity. The sale process will not affect the terms and conditions of agreements with customers and suppliers. No material changes in the workforce are expected as a direct result of the transaction,” TNT said in a statement.
TNT Express also has fashion operations in the UK; it announced in July 2013, that those are being rolled into the fashion operations of TNT Express UK and Ireland.
Officials first floated the idea of selling TNT's Dutch fashion leg in August. At the time, TNT said it was looking to wrap up a sale by the end of 2013.