Additional restrictions include a five-year ban on cash returns or financial rewards to owners unless strict performance targets are met. Ownership changes will also be restricted for three years following the deal.
Union Agreements and Next Steps
EP Corp. reached agreements with IDS’s two key unions, including the Communication Workers Union (CWU), which represents frontline workers. CWU General Secretary Dave Ward highlighted commitments to job security, improved service quality, and better employee terms.
Approval is still required from the European Commission before the acquisition can proceed.
Křetínský’s Expanding U.K. Influence
Křetínský, who already owns a 27% stake in Premier League football club West Ham United and a minority share in Sainsbury’s, would become the first foreign owner of the national postal service if the deal is finalized.
IDS Chair Keith Williams praised the government’s approval, calling it an “important milestone.” He stressed that ownership change must be coupled with reforms to sustain Royal Mail’s future.
Legal Counsel
Křetínský’s EP Corp. is represented by Kirkland & Ellis LLP and Paul Weiss Rifkind Wharton & Garrison LLP, with key partners including Dipak Bhundia, Jiri Peterka, and Stefan Arnold-Soulby. IDS is advised by Slaughter and May, while Hogan Lovells guided the U.K. government.
