Apollo nearing £2.7bn acquisition of Evri - report

25th Jul 2024 12:32

(Sharecast News) - Private equity firm Apollo Global Management is reportedly on the brink of a deal to buy UK parcel delivery firm Evri in a £2.7bn deal.

According to Sky News, Apollo has seen off competition to acquire the company from rivals including JD.com, the Chinese internet group and DHL.

Sky cited banking sources as saying that a deal could be announced as soon as Thursday afternoon.

Apollo's agreement to buy Evri, which delivers more than 700 million parcels each year, reflects the more complex antitrust implications of a sale to another industrial buyer, the sources told Sky.

Platinum Equity, another private equity firm, also made an offer for Evri.

Morgan Stanley and Rothschild, the investment banks, oversaw the auction on behalf of Advent International, the existing owner.

Advent acquired it from German mail order company Otto.

Evri, which changed its name from Hermes in 2022, uses more than 20,000 couriers and has a network of over 14,000 ParcelShops and lockers. It is used by a large number of prominent retailers as well as the online platforms Etsy and Vinted, and has a near-20% share of the UK market.