Nov 28, 2024

Czech Billionaire Křetínský Closes in on Deal to Buy British Royal Mail

The sale of Royal Mail to Czech billionaire Daniel Kretinsky’s EP Group is close to being finalized and could be confirmed in the next two weeks, according to sources close to the deal.

The BBC on Thursday cited sources close to the deal as saying that Kretinsky has agreed to make extra concessions in order to clinch the takeover.

The deal will still have to be approved under the National Security and Investment Act although officials stepped in with a similar review when he increased his stake in the company.

Kretinsky’s EP Group declined to comment to the BBC.

The entrepreneur has already offered the following guarantees in a bid to secure the deal. He has pledged to maintain the “one price goes anywhere” universal service and not to raid the pension surplus.

He has also said he will keep the brand name and Royal Mail’s headquarters and tax residency in the UK for the next five years and respect union demands for no compulsory redundancies to take place until 2025.

Křetínský’s offer values ​​the company Royal Mail at £3.6 billion (almost 110 billion CZK). The management of the company International Distribution Services (IDS), which owns Royal Mail, accepted the offer in May and recommended that its shareholders approve it.

READ ALSO:   Bernard Wins “Brewery of the Year” for Eighth Time

The BBC said it is thought additional safeguards may include extending the duration of the guarantees he has offered.

Royal Mail can trace its history back to 1516 and currently employs more than 150,000 people. Křetínský has previously stated that he has the “utmost respect” for its history and tradition.

Would you like us to write about your business? Find out more

Support Prague Morning!

We are proud to provide our readers from around the world with independent, and unbiased news for free.

Our dedicated team supports the local community, foreign residents and visitors of all nationalities through our website, social media and newsletter.

We appreciate that not everyone can afford to pay for our services but if you are able to, we ask you to support Prague Morning by making a contribution – no matter how small 🙂 .

  • NEWSLETTER

    mail Subscribe for our daily news

  • Sign up for our Daily newsletter!

    mail We'll be in your inbox every morning Monday-Saturday with all the day's top business news, inspiring stories, best advice, and reporting from Entrepreneur. To share your newsletter, use this email: [email protected].

Tell more about your business

Tell us about your.

Tell us about your.

Tell us about your.

Tell us about your.

Tell us about your.

Thank You, It`s All Good

We will come back to you within 24 housr with our proporsal

Tell us about your.