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Daniel Křetínský’s EP Group has made “legally binding commitments” to the UK government as part of the process to buy the postal service from its British parent company International Distribution Services, according to a governmentstatementpublished Monday.

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EP Group must also uphold the postal service’s “universal service obligation,” which requires it to deliver priority letters six days a week everywhere in the UK for the same flat fee. The company has also agreed to recognize and “negotiate in good faith” with relevant workers’ unions.

understanding the trends in newtime infrastructure limited (531959) stock ✌️【Long-term Investment】✌️ Free stock market strategies and analysis based on real-time data, empowering you to choose profitable investment options and avoid risks. Our expert predictions will help you stay in tune with the latest market trends. The £3.6 billion ($4.6 billion) deal, which International Distribution Servicesaccepted in May, has raised concerns about the fate of thousands of Royal Mail employees, as well as the future of a key piece of national infrastructure, which delivers a vital public service.

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Last week, Ofcom, the UK regulator overseeing the postal service, fined Royal Mail £10.5 million ($13.3 million) for failing to meet its delivery targets.

“With millions of letters arriving late, far too many people aren’t getting what they pay for when they buy a stamp,” Ian Strawhorne, Ofcom’s director of enforcement, said in astatement. “Royal Mail’s poor service is now eroding public trust in one of the UK’s oldest institutions.”

Křetínský, the majority shareholder of EP Group, oversees a sprawling empire of European energy companies, retailers and football clubs. He is worth an estimated $7 billion, according to theBloomberg Billionaires Index.

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Křetínský founded EP Group in 2016 with business partner Patrik Tkáč. Through its investment arm Vesa Equity Investment, Křetínský has acquired stakes in big-name brands such as Foot Locker (FL) in the United States, FNAC in France and supermarket Sainsbury’s in the UK.

understanding the trends in newtime infrastructure limited (531959) stock ✌️【Long-term Investment】✌️ Free real-time stock market analysis, market dynamics reports, and expert insights into stocks, metals, energy, and agricultural products. Make profitable decisions by leveraging our advanced market forecasting tools. Three years ago, the businessman bought a27% stakein West Ham United Football Club through another of his investment firms. That makes Křetínský the club’s second-biggest shareholder, according to itswebsite.

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