3 sources·Business

UK Government Greenlights Historic Royal Mail Sale to Czech Billionaire

The UK government has approved a £3.6 billion acquisition of Royal Mail by Czech billionaire Daniel Kretinsky, marking a significant moment in postal service history.

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Updated: Dec 16th, 2024, 3:08 PM ET

Summary

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The UK government has sanctioned the £3.6 billion sale of Royal Mail's parent company to Czech billionaire Daniel Kretinsky, marking a historic first for foreign ownership. This acquisition stipulates that Royal Mail's identity will remain British, with commitments to uphold the postal service's obligations. Kretinsky aims to modernize Royal Mail and maintain key delivery promises, ensuring the company's future while facing declining demand. This move is part of a broader strategy to create a robust European logistics competitor, despite concerns over employee impacts and operational changes.

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