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August 23, 2006 1:45 PM, EDT

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Dutch firm TNT NV said it will sell its logistics business to American private equity fund Apollo Management, Bloomberg reported Wednesday.

The deal, which the companies expect to close in the second half of this year, is valued at about 1.48 billion euro, or about $1.9 billion, Bloomberg said.

Under the agreement, TNT will receive a 5% equity stake in the new company, Bloomberg reported.

TNT announced its intention to sell its logistics business in December in order to increase focus on its core business of mail and express delivery. (Click here for previous coverage.)