PostNL and the management of Whistl have reached an agreement on the main conditions of a management buyout of Whistl following PostNL’s strategic review of its activities in the UK. The review concluded that a management buyout is in the best interest of all stakeholders. This transaction will allow Whistl to develop its current profitable activities and strengthen its position in the UK.
As part of the transaction PostNL will retain 17.5% of the shares in Whistl and will continue supporting the business as a shareholder. The transaction is expected to negatively impact PostNL’s consolidated equity by between €20m and €25m.
The transaction is expected to close later in 2015. The finalization is subject to a number of conditions, including the financing of the management buyout.
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