The state-owned postal organization, which has been in operation for 500 years, has been privatized.

The British Government has given the green light for the sale of Royal Mail to businessman Daniel Kretinsky, known as the "Czech sphinx."

As part of the agreement, the Government will continue to hold a "golden share" in the company, which will give it control over any major management changes.

EMPLOYEES WILL RECEIVE DIVIDENDS

Additionally, it has been reported that 10% of the dividends paid to Kretinsky will be given to employees, and postal workers will have more say in how the company is managed through a new employee group that will meet with management once a month.

The concessions that came after weeks of negotiations were given in addition to commitments previously announced by Mr. Kretinsky's EP Group.

These include the continuation of Saturday deliveries for first-class letters, the preservation of the Royal Mail brand, and keeping the company's headquarters and tax base in the UK.