Japan Post to sell part of Australia logistics business, book $645 mln loss - Nikkei

TOKYO, April 20 (Reuters) - Japan Post Holdings Co has decided to sell part of Australian logistics arm Toll Holdings’s business to an investment fund and book a special loss of 70 billion yen ($645.46 million), the Nikkei newspaper reported on Tuesday.

Japan Post will sell the operations in Australia and New Zeland to Australia’s Allegro Funds for about 1 billion yen and assume billions of dollars worth of debt, the Nikkei reported.

Japan Post was not immediately available for comment. The company is set to make an announcement on Wednesday, the Nikkei said, adding that most of the extraordinary loss, for the year ended in March, would be offset by tax reductions from other factors.

$1 = 108.4500 yen Reporting by Takashi Umekawa and Makiko Yamazaki Editing by Chang-Ran Kim