Czech Billionaire Buys UK's Royal Mail for £3.57bn
The owner of Britain's Royal Mail has accepted a £3.6 billion ($4.6 billion) takeover offer from Czech billionaire Daniel Křetínský's EP Group. The deal, which values International Distribution Services (IDS) at £5.2 billion ($6.6 billion) including debt, includes commitments to protect public service aspects of the postal service. No major job losses are planned, and Royal Mail will maintain its name, branding, and six-day-a-week delivery obligation. The Communication Workers Union has expressed cautious optimism but calls for improved employee relations and service restoration.