PRINT THIS PAGE CVC to back Swedish-Danish post office merger01/04/2008. Source: AltAssets. 
CVC Capital Partners, the Swedish Ministry of Enterprise, Energy & Communications and the Danish Ministry of Transport have agreed to merge Sweden's Posten and Post Danmark. The merged group, 60 per cent owned by the Swedish state and employees of Posten and 40 per cent owned by CVC, the Danish state and employees of Post Danmark, will have annual revenues of approximately SEK45bn (€4.8bn). As part of the agreement, Posten will distribute an extraordinary dividend of SEK1.4bn to the Swedish state, which will have voting rights equal to those of the Danish state and CVC combined.
The new company, headquartered in Stockholm, will have 50,000 employees. Fritz H Schur, currently chairman of Post Danmark, will be its chairman, while Posten's CEO Erik Olsson will become CEO.
The traditional postal business in each respective country will continue to be operated as national entities adhering to national regulations and using the same brands as today, according to a statement. The logistics businesses will be joined under one division. The information logistics and graphical businesses will be joined under the Strålfors brand in the new company.
Post Danmark's 25 per cent ownership in Belgian postal service De Post - La Poste will also be part of the new company.
Among other closing conditions, the transaction requires approvals by the Swedish and Danish parliaments.
CVC funds purchased a 22 per cent stake in Post Danmark from the Danish State in July 2005. The following year, CVC, together with Post Danmark, acquired 50 per cent minus one share of De Post - La Poste.
CVC is currently investing from its funds CVC Fund IV, CVC Asia II and CVC Tandem Fund, with an aggregate of $15bn in equity capital.
Copyright © 2008 AltAssets
|
