TOKYO (Reuters) – Japan Post Holdings Co Ltd <6178.T> has decided to sell its Australian logistics arm Toll Holdings Ltd, a media report said on Tuesday.
In 2015, Japan Post acquired Australia’s transport logistics firm Toll for A$6.5 billion ($4.64 billion), making an ambitious bet to diversify overseas. But two years after the deal, it had to write down the bulk of Toll’s value only two years after the deal due to its weak performance.
Japanese business magazine Diamond reported that Japan Post had started sounding out brokerage firms this week to find advisors for the sale of the troubled Australian firm, citing multiple unidentified sources.
Japan Post plans to pick two brokerages, one Japanese and one from overseas, by August, the magazine added.
A spokesman for Japan Post Holdings declined to comment on the media report.
(Reporting by Junko Fujita and Ju-min Park; Editing by Louise Heavens)