(Bloomberg) -- Apollo Global Management Inc. has agreed to buy parcel delivery company Evri Ltd from private equity rival Advent International, the latest UK deal in a sector that’s been spurred on by the e-commerce boom.
It comes after Czech billionaire Daniel Kretinsky agreed to buy Royal Mail owner International Distribution Services Plc for £3.6 billion ($4.6 billion) and after Yodel was rescued from collapse.
The terms of the takeover by Apollo were not disclosed. Sky News, which first reported the deal, said it was worth around £2.7 billion.
Advent has owned Evri since 2020 when it bought a 75% stake in Hermes UK from Germany’s Otto Group and later changed its name to Evri. The private equity firm said Evri has tripled in size under its ownership. Otto will sell its minority stake, Advent said in a statement.
The transaction is expected to close in the third quarter, Apollo said. Investment banks Morgan Stanley and Rothschild are overseeing the sale on Advent’s behalf.
--With assistance from Swetha Gopinath.
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