Dutch postal company PostNL is selling its German arm Postcon to focus on the Netherlands and Belgium, a year after the company was first put up for sale.

The unit is being sold to Munich based private equity group Quantum Capital Partners. Postcon has around 10% of the German market and has a direct and indirect workforce of 5,300. Financial details were not disclosed.

‘This transaction will allow Postcon to further develop its activities and strengthen its position in the German postal market,’ chief executive Herna Verhagen said in a statement.

‘The sale of Postcon marks another step in our strategy of focusing on our core markets in the Netherlands and Belgium, and supporting the transformation of PostNL into an e-commerce logistics service provider.’

PostNL also said on Monday it had booked turnover of €681m in the second quarter of this year, up from €666m on the same period last year. The number of packages delivered by PostNL rose 13% in the second quarter, while postal volumes were down 9.8%.

PostNL is still waiting for approval from the Dutch competition authority for its takeover of sector peer Sandd, which would give it over 90% of the Dutch market.

If ACM does not grant a licence for consolidation, PostNL and Sandd intend to ask the economic affairs ministry for approval,