Daniel Kretinsky's EP Group agrees to terms with UK government over Royal Mail deal (updated)

International Distribution Services

16/12/2024 09:25

(Adds details in paragraphs 3, Royal Mail's response in
paragraph 4)
       Dec 16 (Reuters) - Czech billionaire Daniel Kretinsky's
EP Group said on Monday it agreed to certain terms with the UK
government for its takeover of Royal Mail's parent, paving way
for a green light on the tightly-scrutinised deal.
    Royal Mail parent International Distribution Services (IDS)
 IDSI.L  had agreed to a 3.57 billion pound ($4.51 billion)
takeover by EP Group in May, and the deal has faced review under
the National Security and Investment Act since August.
    As part of the agreed terms, no additional security or
guarantees can be placed on Royal Mail's assets for five years
after the acquisition, effective after the completion of the
takeover, EP Group said.
    "Today's announcement marks an important milestone in the
approvals process," said Keith Williams, non-executive chair of
IDS.
    Earlier on Monday, the BBC and the Financial Times reported
that the UK government had approved the sale.

($1 = 0.7911 pounds)

 (Reporting by Chandini Monnappa in Bengaluru; Editing by Varun
H K)
 ((Chandini.M@thomsonreuters.com; +918061822697;))