The UK's 500-year-old postal service is being sold to a foreign billionaire for the first time.
The British government has approved the sale of Royal Mail's parent company, International Distribution Services (IDS), to Czech billionaire Daniel Kretinsky's EP Group for £3.6 billion.
EP Group and IDS agreed the deal in May, but were awaiting formal approval under national security laws due to the importance of the postal service to Britain.
The service will remain headquartered in the UK, and as part of the deal, the British government will retain a so-called Golden Share in the service.
This means that the British government must approve any major changes to Royal Mail's ownership, headquarters location and tax residency.
The deal is expected to close in early 2025. This marks a new chapter in the history of the Royal Mail.
One of Britain's oldest companies, the Royal Mail began as a private service for the king and his court in the 1500s. It then became a public postal service in the 1600s.
Privatised in 2013, its use has declined sharply in recent years, leading to the current re-licensing.
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