After a formal offer was made earlier this month, the company’s parent company International Distribution Services (IDS) announced that its board of directors had accepted the acquisition.
It stated that a number of “contractual commitments” were included in the deal to safeguard the public service elements of Royal Mail, including its universal service duty to provide “one-price-goes-anywhere” first-class post six days a week.
After debt, the corporation is valued at £5.3 billion in the £3.6 billion purchase deal.
Mr. Kretinsky’s EP Group already owns 27.6% of the business.
During IDS’s next annual general meeting in September, shareholders will cast their votes on the deal.
IDS stated that as part of the agreement, Royal Mail would maintain its UK headquarters and brand.
Additionally, the firm stated that there was “no intention to make any material changes to overall headcount or reductions in the number of front-line workers” and that all employees’ employment rights would be upheld.
Previous fears regarding a potential takeover of the postal service, which was privatized in 2013, have been voiced by unions and prominent politicians.
In the past, the Labour Party demanded that any agreement include a guarantee that Royal Mail would maintain its UK domicile and continue to pay taxes here.
