London CNN —The owner of Royal Mail has accepted a £3.5 billion ($4.5 billion) takeover bid from Czech billionaire Daniel Křetínský, paving the way for the sale of one of Britain’s oldest and most iconic institutions to a foreign owner for the first time.
The deal follows a torrid few years for Royal Mail, which was privatized in 2013.
“Royal Mail is as British as it gets, and Labour will take the necessary steps to safeguard its undeniable identity and place in public life,” he wrote in the letter, which he posted on X.
A low-profile Czech national, Křetínský made his fortune through a sprawling empire of European energy companies, retailers and football clubs.
He is worth an estimated $7.7 billion, according to the Bloomberg Billionaires Index, and owns a 27% stake in West Ham United Football Club.
Persons:
Daniel Křetínský, Křetínský’s, Jonathan Reynolds, ”, Křetínský
Organizations:
London CNN, Royal Mail, Distribution Services, Labour Party, Conservative, Labour, Royal, Bloomberg, West Ham United Football Club
Locations:
Czech, United Kingdom, West