Britain on Monday cleared Czech billionaire Daniel Kretinsky's EP Group to buy Royal Mail in a 3.57 billion pound ($4.5 billion) deal, after securing commitments that the government said would protect one of the world's oldest postal services.
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The Business Secretary, Jonathan Reynolds, has on 16 December, received legally binding commitments from Royal Mail bidder Daniel KÅ™etÃnský that are intended to secure the long-term, sustainable future of Royal Mail whilst protecting crucial services for millions of customers across the UK.
This significant agreement, between the Department for Business and Trade and Daniel KÅ™etÃnský’s EP Group, contains commitments that protect, and secure investment in, Royal Mail’s postal network which is important to everyone from small business owners in Southampton to online shoppers in Shetland.
Business Secretary Jonathan Reynolds said: "Today’s agreement is yet another example of this Government’s commitment to working hand in hand with business to generate reform give respite to people right across the UK, as we are working towards ensuring a financially stable Royal Mail with protected links between communities other providers can’t reach."
Recognising the importance of Royal Mail as an iconic national institution, the government has negotiated a ‘Golden Share’ which will ensure that, with very limited exception, the headquarters of Royal Mail cannot be moved abroad and that Royal Mail cannot change where it pays its taxes, in either case without UK government approval.
These restrictions will apply to any future owners of Royal Mail and, alongside other commitments to the brand and cypher, secure Royal Mail’s identity as an iconic British institution whilst also allowing it to operate as a fully private company without day-to-day government interference.
EP Group have also committed to honour any new agreements entered into with the postal unions, recognising that workers should be placed at the heart of a sustainable Royal Mail. 
After months of constructive engagement, these legally binding commitments were voluntarily offered by EP Group in recognition of the significant contribution that Royal Mail makes to Britain’s national identity and the importance that it has in everyday life in the UK.
Business Secretary Jonathan Reynolds said while it was up to shareholders to approve the deal, the agreement the government had reached meant the takeover "will be a good deal for the UK, be a good deal for the people who work for Royal Mail and a good deal for customers".
It has also reached an agreement in principle with unions that include workers getting a 10% share of any dividends paid out to Mr Kretinsky, as well as the formation of a workers group that will meet monthly with the directors of Royal Mail to give employees a bigger voice on how it is run. ■