Britain’s government has approved the sale of postal service company Royal Mail from one private firm to another, not privatising it for the first time, contrary to online claims.

Britain's centuries-old Royal Mail is set to pass into foreign ownership after the UK government Monday approved the takeover of its parent company by Czech billionaire Daniel Kretinsky's EP Group.

The private industrial group reached agreements with the U.K. government and unions to protect key Royal Mail services and its workforce, clearing key hurdles for its £3.57 billion acquisition of International Distribution Services.

The British government on Monday cleared Czech billionaire Daniel Kretinsky's purchase of the Royal Mail's parent company, the International Distribution Services, for $4.56 billion.

The UK government has approved Daniel Kretinsky’s £3.6 billion ($4.6 billion) takeover of the Royal Mail’s parent company, after the Czech billionaire made a series of commitments.

LONDON (AP) — Britain's government gave the go-ahead Monday for the sale of Royal Mail's parent company to a Czech billionaire, paving the way for the postal service to pass into foreign ownership for the first time in its 500-year history.

EP Group agreed to commitments safeguarding Royal Mail’s role in the U.K. as it works to finalize its £3.57-billion acquisition of International Distribution Services.

Daniel Kretinsky has spent more than a decade building a network of businesses across Europe, from power stations to retail chains and media outlets, with a recent focus on financially distressed assets.

The British government has approved Czech billionaire Daniel Kretinsky's 5.3-billion-pound ($6.69 billion) takeover of Royal Mail owner International Distribution Services, the Financial Times reported on Monday.