CVC Capital Partners, the European buy-out firm that is eyeing Britain’s Royal Mail, said on Monday that it has agreed to sell its 22% stake in Post Danmark to the Danish state.
That deal is conditional upon the closing of the merger between Post Danmark and Sweden’s Posten, which is expected to happen this year.
CVC decided to exit Post Danmark, having made its original investment in 2005, because the merger between the two Nordic postal services would have left it with a small stake – believed to be 8%.
According to CVC, that would not have been consistent with its investment policies.
At the same time, CVC is buying Post Danmark’s holding in Belgium’s national postal service provider, De Post – La Poste, for €373m.
Currently, Post Danmark and CVC own a 50/50 joint venture called Post Invest Europe Sarl, which controls 49.99% of De Post – La Poste.
Source: Thomson Merger News