Post Danmark plans to continue its cooperation with Belgian Post even after selling its stake inthe company to private equity firm CVC Capital Partners.
The Danish postal operator and CVC currently jointly own 50% minus one share in Belgian Postdating from their joint acquisition of a holding in 2006. Under transactions announced yesterday toenable the merger of the Danish and Swedish postal operators, Post Danmark will sell its holding ofapproximately 25% to CVC for €373 million (approx. DKK 2.8 billion). This will give CVC 49.9%ownership of Belgian Post in future.
In exchange, CVC will sell back its 22% stake in Post Danmark to the Danish state for anundisclosed price. This transaction will enable Denmark and Sweden as the 100% owners of theirrespective national postal operators to complete the planned merger of Post Danmark and Sweden’sPosten.
Post Danmark announced, however, that it is prepared to maintain a cooperation agreement withDe Post – La Poste for the coming years regarding the continued sharing of know-how and expertise,and the secondment of operational postal experts. The targets set under the joint investment inBelgian Post had been largely achieved, it pointed out.
Helge Israelsen, CEO of Post Danmark, said: “I am delighted to notethat the past three years’ association with De Post – La Poste have produced such positive resultsfor both organisations. We have together achieved what we set out to do in terms of modernisationof the business platform and putting it on a positive trend for the future. We have been very happywith the partnership with the Belgian state and CVC as owners and not least with the excellentmanagement of De Post – La Poste.”
Post Danmark has also benefited financially from its stake in Belgian Post. In 2006, itreceived a profit share of DKK 161 million (€22 million), while the 2007 profit share fell to DKK70 million (€9 million) due to pension costs which reduced the sum by DKK 125 million (€17million).
“With the proceeds from the sale of the Belgian stake, the future group will obtain an evenstronger capital base, which is particularly gratifying in the current turbulent and uncertainmarkets,” Israelsen added.
