Posti Group Sells Itella Russian Logistics Business
December 7, 2021
Cleary Gottlieb represented Posti Group (Posti) in the sale of its Russian logistics business, which is run under the Itella brand.
The sale was made to Tablogix, one of the leading suppliers of integrated logistics solutions on the Russian market. The sale was announced by Posti on December 7, 2021; the transaction price was not disclosed.
After the divestment, Posti has no operations in Russia. As Posti explained in its announcement, this divestment supports Posti’s strategy of seeking growth from its parcel, e-commerce, and logistics businesses in the Nordic and Baltic countries.
Posti is the Finnish state-owned provider of postal, freight, logistics, warehousing, and e-commerce services.
Itella Russia focuses on contract logistics and transportation with warehousing and freight services in Russia’s major economic regions. Itella Russia employs 1,000 people and had net sales of €58.3 million in 2020.
Cleary has advised on prior transactions in which Finnish businesses exited Russia, including advising Russian retailer Lenta when it purchased the food retail business of Kesko in 2016 and advising Oriola when it sold its Russian pharmaceutical business to Pharmacies 36.6 in 2014.