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Investing.com -- Czech billionaire Daniel Křetínský is set to become the chairman of Royal Mail (LON:IDSI), the U.K.-based postal and parcel delivery company, according to a statement released Friday by his investment firm, EP Group.
Earlier this month, EP Group finalized its £3.57 billion acquisition of International Distribution Services (IDS), the parent company of Royal Mail.
As part of the agreement, a symbolic "golden share" worth £1 has been issued to the U.K. government.
This special share guarantees that Royal Mail will maintain its headquarters in the UK and continue paying British taxes.
Royal Mail, one of the world’s oldest postal institutions, was privatized in 2013, launching on the stock market at an initial price of 330 pence per share.
Before the acquisition, Křetínský was already the largest stakeholder in IDS, which owns both Royal Mail and the international parcel delivery network GLS.
The U.K. government approved the takeover in December, after receiving assurances from Křetínský to safeguard the company’s British heritage, as well as the jobs and services relied on by thousands of employees and customers.