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The £3.6 billion sale of Royal Mail’s parent company to a Czech billionaire is expected to be approved by the Labour government after getting the support of the workforce.
Daniel Kretinsky’s EP Group will acquire International Distributions Services (IDS) after agreeing to several concessions.
Employees will get a 10% share of any dividends while the Government will retain a “golden share” that will mean it needs to approve any key changes to Royal Mail’s ownership, headquarter location and tax residency.
He had already guaranteed not to raid the pensions surplus, and has committed to maintaining the universal service obligation. It is understood the historic brand name is also protected along with the firm’s tax residency for five years.
The 49-year-old entrepreneur and lawyer has a net worth of £6bn, according to the Sunday Times Rich List.
The deal will comes days after regulator Ofcom fined Royal Mail £10.5m for missing its post delivery targets in the 2023-2024 financial year.
The fine was the second in two years, after the watchdog fined the company £5.6m in November 2023.
