Consolidation that has been taking place in the delivery sector took another step forward yesterday after Austrian national postal service, Oesterreichische Post, took a 75% stake in private equity-owned Trans-o-Flex, a German logistics company.

OP, which acquired the stake from private equity firms Odewald & Co and Alpha Group, said it estimated Trans-o-Flex's enterprise value at €225m ($285m) in June, but chief financial officer Rudolf Jettmar said the purchase price was "significantly less".