The sale of TNT Logistics, a subsidiary of TNT N.V., to Apollo Management L.P., a private-equity firm, was completed on Friday, November 3.

The sale price was approximately $1.9 billion.

TNT put its logistics unit up for sale in December with the intention of simplifying its organizational structure and focusing on its core mail and courier businesses, including European Mail Networks (EMN) and Mail Netherlands. TNT Logistics Group Managing Director and North America CEO David Kulik will resign from TNT to become CEO of the new company. A new name and brand identity is under development.

The sale to Apollo was first made public in August and is one of many third-party logistics (3PL) consolidation deals that have occurred in the past few years. Other notable 3PL deals include Deutsche Post World Net's acquisition of Exel, Deutsche Bahn's recent purchase of BAX Global, A.P. Møller's acquisition of P&O Nedlloyd and P&O Logistics, and Kuwaiti port operator DP World's buyout of P&O's ocean shipping terminals.

TNT also announced last week it is divesting its Freight Management business unit in an effort to focus on growth opportunities for mail and courier businesses. TNT Freight Management is the company’s freight forwarding unit, which utilizes air and ocean transportation. It was originally established as Wilson Logistics, which TNT acquired in 2004.