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Czech billionaire Daniel Křetínský has agreed to buy the owner of Royal Mail in a deal valuing the former UK postal monopoly at £5.2bn.
International Distribution Services said on Wednesday that it would recommend an offer from Křetínský’s EP Group that valued it at 370 pence a share.
IDS also owns the fast-growing Netherlands-based parcels business GLS.
“The IDS board believes that the offer from EP is fair and reasonable given that there are uncertainties ahead and allows investors to realise value at a significant premium,” said IDS chair Keith Williams.
It is the latest dealmaking move by Křetínský, a lawyer-turned-energy tycoon who has stakes in supermarket chain J Sainsbury and English Premier League football club West Ham United.
This is a developing story
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