The owner of Britain’s Royal Mail said on Wednesday it has accepted a 3.6 billion pound (USD 4.6 billion) takeover offer from Czech investor Daniel Kretínský. Under the deal, Kretínský’s EP Group would buy International Distribution Services, which owns Royal Mail, for 370 pence (USD 4.72) per share.

Including debt, the deal values IDS at 5.2 billion pounds (USD 6.6 billion). It said EP Group would offer a series of “contractual commitments and intentions” to protect public service aspects of the 500-year-old postal service. Long state-owned, Royal Mail was privatised by the UK’s Conservative government in 2013 and has struggled financially.