CSX COMPLETES SALE OF CTI LOGISTX TO TNT
CSX Corp. said Friday it has closed on the sale of its CTI Logistx unit to TNT Post Group for $650 million.
The sale, which was originally announced Sept. 4, will result in a one-time pretax third-quarter gain of about $570 million.
For TPG, this marks the largest acquisition the company has taken since it became a publicly traded company in 1998.
CTI had annual revenues of about $460 million and earnings of $34 million last year.