The Hague, The Netherlands, 29 January 2021 - PostNL and Mutares today announced they have closed the sale of Nexive to Poste Italiane. All conditions for closing, including due diligence and regulatory approval, have been met.
Nexive is the number-two mail and parcels provider in Italy. Mutares and PostNL believe this transaction is in the best interest of Nexive and all of its stakeholders, especially for its employees. From a strategic point of view and in line with experiences of other European countries, the structural decline in mail volumes, further exacerbated by the impact and restrictions due to the Covid-19 pandemic, makes consolidation in mail and related logistics infrastructures a priority to ensure sustainability, employment and accessibility and service to customers.
The agreement with Poste Italiane was made possible by a recent change in Italian law, introducing, as a temporary measure, a special regime for the approval of certain concentrations.
The sale of Nexive to Poste Italiane in combination with the termination of the joint venture agreement with Mutares, results for PostNL in a positive equity impact of around €30 million and a related cash impact of around €35 million. As the financial impact relates to discontinued activities, the financial consequences of this transaction are outside the scope of normalised EBIT, normalised comprehensive income and free cash flow projections and performance.
Poste Italiane is the largest logistics operator in Italy, and is a leading player in the financial, insurance and payment services sector. It is an integral part of Italy’s economic, social and productive fabric, occupying an unparalleled position in the country in terms of size, recognisability, reach and customer loyalty.
Nexive provides mail services to 80% of Italian households, and provides parcel services to the entire Italian market. As the second largest player in the Italian mail market, Nexive aspires to offer customers the best balance between service, quality and price. It achieves this ambition by focusing on customer interaction and by further strengthening its network.