Daniel Kretinsky to buy Royal Mail

0
67
Daniel Kretinsky to buy Royal Mail

Czech billionaire Daniel Křetínský’s planned £3.6 billion ($4.5 billion) acquisition of Royal Mail’s parent company, International Distributions Services PLC (IDS), has received conditional approval from the U.K. government, his conglomerate EP Corp. Group AS announced Monday.

The deal, revealed in May, cleared a significant hurdle after being reviewed under the National Security and Investment Act 2021. The government imposed several conditions to safeguard Royal Mail’s iconic status and ensure its services remain robust for British consumers.

Government Safeguards Royal Mail’s Legacy

Křetínský committed to maintaining the long-term sustainability of the 388-year-old postal service. EP Corp. emphasized its dedication to “safeguarding the important role that Royal Mail plays in the U.K.”

The government will retain a “golden share” in IDS, which ensures the company remains U.K.-based and pays taxes domestically unless approved otherwise. EP Corp. also pledged to uphold Royal Mail’s universal service obligation, requiring six-day delivery to all U.K. locations at a fixed price.