Deutsche Post DHL has agreed to sell its British outsourcing subsidiary Williams Lea Tag to private equity group Advent International to focus on its core logistics service business, the two companies said on Thursday.
They did not say how much Deutsche Post was getting for it.
A person familiar with the matter had told Reuters in April that Deutsche Post was seeking a buyer for Williams Lea, which it bought in 2006. Media reports said at the time the business could sell for several hundred million euros.
The company made revenue of 1.41 billion euros ($1.7 billion) in 2014, the last year for which Deutsche Post broke out separate figures for the business.
Deutsche Post said on Thursday it expected Williams Lea to transfer to Advent by the fourth quarter of this year.
Advent was advised by Rothschild, Weil, Gotshal & Manges LLP, Bain & Company and Ernst & Young on the deal.