Apollo Global Management, a leading private equity firm, is poised to acquire Evri, a prominent British parcel delivery company, in a deal worth £2.7bn. According to sources familiar with the matter, Apollo has successfully outbid other contenders, including JD.com and DHL, to secure the acquisition. The announcement of the deal is expected to be made on Thursday afternoon, as per banking sources.
The latest development in the financial world includes mobile game ads that are allegedly “breaking ad rules” on social media. Meanwhile, Apollo’s agreement to buy Evri is noteworthy due to the intricate antitrust implications of a sale to another industrial buyer, as stated by the sources. Other interested parties in the bidding process included Platinum Equity, another private equity firm. The auction was managed by investment banks Morgan Stanley and Rothschild on behalf of Advent International, the current owner of Evri. It was acquired by Advent from German mail order company Otto.
Evri, previously known as Hermes, has a significant presence in the market, delivering over 700 million parcels annually. It boasts a network of over 20,000 couriers and 14,000 ParcelShops and lockers. The company is a preferred choice for many renowned retailers, as well as popular online platforms such as Etsy and Vinted. In fact, it holds a substantial market share of nearly 20% in the UK.
The news from Sky News also covers other significant updates, including the motor industry’s call for tax cuts to boost the sale of electric cars, the latest details on the plan for Great British Energy, and Cineworld’s decision to lay off hundreds of employees as part of its restructuring efforts.
The sale of Evri comes at a time when the parent company of Parcelforce, International Distribution Services, is in the process of going private. In a recent report by Sky News, it was revealed that Yodel, which narrowly avoided bankruptcy this year, is seeking to raise substantial funds to strengthen its financial position.
When approached for comment, both Advent and Apollo declined to respond. This deal further cements Apollo’s position as a key player in the private equity market, and the acquisition of Evri is expected to bring significant advantages for the company.
