Deal Secured: UK Green-Lights Royal Mail's Parent Company Sale

The United Kingdom has given the go-ahead for the sale of Royal Mail's owner, International Distribution Services, to EP Corporate Group's owner, Daniel Kretinsky, for a staggering £5.3 billion, as reported by the Financial Times.

The sale, set to be officially announced on Monday, was arranged back in May, securing a deal that had already received management approval but was pending official confirmation. Kretinsky has been actively engaged in negotiations with the postal workers union and other officials, aiming to secure assurances about the sale.

As part of the finalized agreement, the UK retains a "golden share" in the postal service, ensuring a say in the governance of the company. Kretinsky has committed to modernizing the Royal Mail, which has recently struggled to meet performance targets.