Tag: CVC Capital Partners

The Swedish Ministry of Enterprise, Energy & Communications, The Danish Ministry of Transport and CVC Capital Partners (“CVC”) have signed a letter of intent regarding a merger between Posten AB (“Posten”) and Post Danmark A/S (“Post Danmark”). The companies’ rationale is to meet the markets increasing challenges through an increased competitiveness of a merged company. This merger will also secure the possibility to maintain a first class mail and parcel business in both countries continuing to reach all enterprise customers and households.
The agreement entails a merger between both companies into a combined company which will be jointly owned by the Swedish state, the Danish state, CVC and the employees. The merged company will have annual revenue of approximately SEK 45 billion and include over 50,000 employees.

Fritz H. Schur., currently Chairman of Post Danmark, will be appointed Chairman. Erik Olsson, currently the CEO of Posten, will assume the position as CEO of the merged company. The parent company will be Swedish and the headquarters will be located in Stockholm. The Swedish state together with the employees of Posten will own 60 percent of the merged company and the Danish state together with the employees of Post Danmark and CVC will own 40 percent. As part of the agreement, Posten will distribute an extraordinary dividend of SEK 1,400 million to the Swedish state. In all other respects, the influence of the owners is balanced in such a way that the Swedish state will have equal voting rights as the Danish state and CVC together.

The merged company will be organised along specialised business divisions, in a similar way as Posten has been organised since January 1, 2007. The traditional postal business in each respective country will be operated as national entities adhering to national regulations and using the same brands as today (“Posten” and “Post Danmark”). The logistics businesses will be joined under one division and under an own brand. The information logistics and graphical business will be joined under the Strålfors brand in the merged company. Beyond the four main businesses, the company will comprise group functions and one unit for shared services. Post Danmark’s 25% ownership in De Post – La Poste (Belgium) will also be part of the merged company.