Royal Mail workers hold signs outside a Royal Mail depot in London on November 24, 2022. The sale of the Royal Malil's parent company was approved by the British government on Monday. Photo by Andy Rain/EPA-EFE
Dec. 16 (UPI) -- The British government on Monday cleared Czech billionaire Daniel Kretinsky's purchase of the Royal Mail's parent company, the International Distribution Services, for $4.56 billion.
As part of the deal, Kretinsky's EP Group will have to clear any major changes to the Royal Mail with the British government and the new owners must keep the popular one-price-goes-anywhere Universal Service Obligation for letters and passages.
The government would also have to approve changes in further ownership, headquarters location, and tax residency.
If the deal is finalized, it will mark the first time the Royal Mail has been operated by an overseas owner in its 500-year history.
IDS had been at odds with the Communication Workers Union over the Royal Mail's pay and working conditions. The EP Group said it had reached an agreement with CWU and United over terms for workers and managers.
"The status quo is what will kill off postal services in the U.K.," Dave Ward, of CWU, said, according to The Guardian.
"This agreement provides a foundation to rebuild the Royal Mail. These have been challenging negotiations but through the support of our members we have delivered what by any measure is a groundbreaking agreement which puts postal workers and customers back at the heart of everything we do in Royal Mail."
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