The owner of Royal Mail has accepted a £3.57 billion ($4.6 billion) takeover bid from Czech billionaire Daniel Křetínský, paving the way for the sale of one of Britain’s oldest and most iconic institutions to a foreign owner for the first time.



International Distribution Services, which owns the loss-making postal¹ service, said Wednesday that it had accepted a £3.70-per-share ($4.69) takeover offer from Křetínský’s EP Group.



The deal has consequences for thousands of workers and has sparked anxiety about the future of a key piece of national infrastructure², which delivers a vital public service.



EP Group has made several commitments to address these concerns, including upholding Royal Mail’s “universal service obligation,” which requires it to deliver letters six days a week everywhere in the United Kingdom for the same flat fee.



It has also promised to maintain employee benefits and pensions, and keep Royal Mail’s headquarters and tax base in the UK.