CVC Capital Partners is in the lead to take a large minority stake in the Royal Mail as Lord Mandelson insisted that the government will proceed with a sale to the private sector, according to a report in the Financial Times.
Mandelson, the UK’s business secretary, may be promoted to foreign secretary this week, allowing the government to drop his unpopular push for the privatization of the postal service.
CVC is understood to be proposing the acquisition for a 30% stake in Royal Mail and met with the organization and senior ministers several weeks ago.
MPs still have to cast a vote this summer on the bill which will enable a private sector entity to buy a minority stake in the group.
Earlier this month, CVC hired BP veteran Ross Pillari to its US advisory board where he is working on sourcing investment opportunities in the energy sector.
D.C.