Japan Post to sell part of Australian logistics arm Toll Holdings

Sydney Opera House, Sydney, Australia. Photo by Frans on Unsplash

Japan Post Holdings Co has decided to sell part of its Australian logistics arm Toll Holdings to an investment fund and booked a one-off loss of 70 billion yen ($645 million), the Nikkei newspaper reported on Tuesday.

Japan Post will sell loss-making Toll’s delivery business in Australia and New Zealand to Australia’s Allegro Funds for about 1 billion yen and will also assume “billions of U.S. dollars” of Toll’s debt, the Nikkei reported.

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