The Royal Mail has agreed a £3.5bn sale of Royal Mail to the Czech billionaire Daniel Kretinsky.
The offer valued IDS, which owns Royal Mail and international parcels network GLS, at 370 pence per share.
“The IDS Board has negotiated a far-reaching package,” Chairman Keith Williams said in a statement
The terms of the sale includes the provision of the ‘one-price-goes-anywhere’ Universal Service Obligation, the maintenance of employee benefits and pensions and ensuring Royal Mail remains headquartered and tax resident in the UK.
Kretinsky has said that private investment in Royal Mail was crucial given its challenging situation with poor service delivery, slow transformation and increasing competitio
