Press Release


TPG sells 50% stake in AWAS

Publish Date : 23 February 2000 at 05:14 CET - TNT Post Group N.V. (TPG) announced today it signed an agreement to sell its 50% stake in Ansett Worldwide Aviation Services (AWAS) to MSDW Aircraft Holdings a subsidiary of Morgan Stanley Dean Witter & Co.

The 50% stake in AWAS, headquartered in Sydney Australia, was acquired in December 1996 by TPG as part of the TNT acquisition. From that time the activities of AWAS, an aircraft leasing company, were identified as non-core activities. This sale represents TPG's commitment to focus on its mail, express and logistics business.

Upon closing, the sale of AWAS will leave TPG no further liabilities, contingent or otherwise.

The final closing of the transaction which involves AWAS's joint shareholders, TPG and News Corporation, is expected within a couple of months.

Page publication date: 23 February 2000 at 05:14 CET