LONDON, Dec 16 — The British government on Monday cleared Czech billionaire Daniel Kretinsky’s EP Group to buy Royal Mail in a £3.57 billion (RM20 billion) deal.
EP Group agreed to acquire Royal Mail parent International Distribution Services (IDS) in May, but the British government called in the deal for scrutiny in August under the National Security and Investment act.
Business Secretary Jonathan Reynolds said Kretinsky had committed to protect Royal Mail’s postal network, and he had secured a “golden share” that would ensure its headquarters remained in Britain and it would continue to pay UK taxes.
He said the deal provided a secure future to thousands of workers and customers and would ensure a financially stable Royal Mail.
“Today’s announcement marks an important milestone in the approvals process,” said Keith Williams, non-executive chair of IDS. — Reuters
