Royal Mail has been sold to a Czech billionaire for £3.57billion.

International Distribution Services said it has agreed to the multi billion pound takeover offer from Daniel Kretinsky’s EP Group.

The firm, which already owns 27.6 percent of the business, made a formal offer for the business after initial proposals earlier this month.

The deal will see EP pay 370p per share to investors in IDS.

Shareholders will vote on the deal at IDS’s next annual general meeting in September.

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