CVC Capital Partners, the London-based pan-European buyout house, has acquired a 22 percent stake in Post Danmark, the state-owned Danish post office, for DKK1.27 billion (€171 million; $209 million).
As part of the deal, a 2.5 percent stake is being held for an employee share programme for almost 22,000 employees with an additional 0.5 percent reserved for an incentive programme for senior staff.
The agreement resulted from more than two months of exclusive negotiations between CVC and the Danish Ministry of Transport and Energy. In order to reach that stage, CVC was understood to have beaten off competition from trade bidders including Germany’s Deutsche Post and the Netherlands’ TPG.
Following the deal, Peter Tornquist, senior managing director with responsibility for CVC’s Nordic business, and Soren Vestergaard-Poulsen, managing director of CVC Denmark, will join Post Danmark’s board of directors.