The United Kingdom has officially greenlighted the sale of Royal Mail's parent company, International Distribution Services to Czech billionaire Daniel Kretinsky's EP UK Bidco Limited (Bidco) for £3.6 billion after the government "received legally binding commitments" from the bidder, the UK's Department for Business and Trade said in a press release on Monday.

The agreement protects employees and core services and guarantees that Royal Mail will continue to be based in Britain, securing jobs and tax revenues in the UK, according to the statement.

"I'd like to thank EP Group and Daniel Kretinsky for their constructive approach to our discussions and their commitment to protecting this national icon. I look forward to working with them to fix the foundations and ensure Royal Mail continues to deliver for the communities and businesses who rely on it most," Business Secretary Jonathan Reynolds stated.