Fri, 07 Oct 2016 | BUSINESS SALE
UK Mail has agreed to a £243 million takeover from Deutsche Post. The deal is set to boost competition in the postal market sector, with Royal Mail coming under increasing pressure.
UK Mail, founded in 1971 by Peter Kane, has been struggling for a number of months. Problems at its sorting facility caused the company to issue two profit warnings last year as well as the departure of chief executive Guy Buswell.
The deal, which saw UK Mail’s share price soar by 43 per cent, was welcomed by Mr Kane, who said that the offer from Deutsche Post would give UK Mail shareholders a significant premium on their shares. In a statement, he said: “The board believes that UK Mail will benefit significantly from becoming part of Deutsche Post DHL, and will be better positioned to continue to develop our parcels and mail businesses with the benefit of Deutsche Post DHL’s greater financial and operational resources.
”There will be significant synergies including additional volumes flowing through our network from Deutsche Post DHL’s global operations.”
With the acquisition, one of Europe’s largest parcel company will grab a significant foothold in the UK. As the traditional letter is replaced by parcels from online shopping, Royal Mail is facing a serious threat to its once dominant position.
Discussing the acquisition, Jürgen Gerdes, a board member at Deutsche Post DHL, said: ““With this acquisition, we will further extend our network and have a strong foothold in Europe’s three largest e-commerce markets – the UK, Germany and France – which account for more than 60% of online retail in the continent.”
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