The takeover deal will still need to be approved by International Distribution Services (IDS)'s shareholders at the September annual general meeting.

The owner of Royal Mail confirmed on Wednesday that it had accepted a £3.6 billion ($4.6 billion) takeover offer from the Czech investor, Daniel Křetínský.

Under the deal, Křetínský’s EP Group would buy International Distribution Services, which owns Royal Mail, for 370 pence ($4.72) per share.

Including debt, the deal values IDS at £5.2 billion ($6.6 billion).

It said EP Group would offer a series of “contractual commitments and intentions” to protect public service aspects of the 500-year-old postal service.

IDS said no major job losses were planned as part of the deal, which must be approved by shareholders. Under the plan, Royal Mail would maintain its name, branding, U.K. headquarters and the obligation to maintain six-day-a-week mail delivery.

Křetínský, who already holds a 27% stake in the Royal Mail’s parent company, has a vast, Europe-wide portfolio of business interests. In the Czech Republic, he owns book publishing houses, a sport daily and magazines, and he co-owns the French newspaper Le Monde. He has stakes in companies including Macy’s, Foot Locker and the U.K. supermarket chain Sainsbury’s.

He also owns a stake in the Premier League football team West Ham.

The article was prepared by the CzechTrade Morocco team.

Source: euronews.com