Spanish venture capital house Nazca Capital has sold its 33 percent stake in the country's largest private postal company, Unipost.
International logistics provider Deutsche Post's acquisition of the holding for an undisclosed sum was approved by Spain's monopolies commission at the end of October.
Unipost handles around 2 million items of post a day for more than 15,000 clients, including both Spanish and international financial instititutions. Last year its income was €64 million ($82 million), giving it a 7 percent share of the Spanish postal market.
Nazca Capital is a venture capital house investing in sectors including food, cosmetics, and distribution and logistical services. It has led investments totalling €200 million over the last two years. It acquired a stake in Unipost in June 2003, and claims in a press release to have achieved a return 'significantly higher than the market average'.
Deutsche Post is an international logistics provider, incorporating the brands DHL and Postbank. It specialises in global postal and courier services, and also operates a wide range of financial services.
Nazca was advised on the transaction by Clifford Chance, and Deutsche Post by Cuatrecassas.
Last month Permira, the European LBO giant announced details of an agreement with Dutch supermarket group Ahold to acquire 600 retail stores in Spain for approximately €685 million, which the firm claimed to be the largest ever Spanish private equity acquisition.