Czech Billionaire Daniel Kretinsky has sealed an agreement with the owner of Royal Mail to take over the company for an amount of £3.6 billion.
The parent company of Royal Mail, the International Distribution Sevices (IDS) said they agreed to the deal after a formal proposal was made earlier this month to its board of directors.
IDS also disclosed that its branding and UK headquarters would see it not part of the deal with the universal service obligation to “one-price-goes-anywhere” first class post six days a week.
Also part of the deal would see IDS secure the right of employment of all its staff as there is no agreement to make any material changes to the overall headcount or reduction in the number of front-line workers.
Speaking on the deal, the board of directors at Royal Mail said the offer reflected the progress being made to the company as well as execution risks associated with delivering longer-term value for shareholders in light of uncertainty over the nature and timing of universal service reform and the need for swift and significant strategic investments.
The Czech Billionaire Daniel Kretinsky is said to also own parts of West Ham Football Club and Sainsbury.