London CNN —Royal Mail, which dates back to the reign of Henry VIII in the 1500s, is set to be sold to a Czech billionaire in a deal that will keep the institution based in Britain.
The sale comes after a difficult few years for Royal Mail, which was privatized in 2013.
Last week, Ofcom, the UK regulator overseeing the postal service, fined Royal Mail £10.5 million ($13.3 million) for failing to meet its delivery targets.
Křetínský, the majority shareholder of EP Group, oversees a sprawling empire of European energy companies, retailers and football clubs.
Křetínský founded EP Group in 2016 with business partner Patrik Tkáč.
Persons:
Henry VIII, Daniel Křetínský’s, ”, Ian Strawhorne, Křetínský, Patrik Tkáč
Organizations:
London CNN — Royal, International Distribution Services, Royal, Services, Royal Mail, Department for Business, Trade, Ofcom, Group, Bloomberg, J, Equity Investment, West Ham United Football Club
Locations:
Czech, Britain, United Kingdom, British, European, United States, FNAC, France, West