Apollo Global Management Nears £2.7bn Acquisition of Evri
- Apollo is poised to acquire Evri for £2.7 billion, a move expected to be announced shortly.
- The sale is notable as it reflects heightened antitrust risks associated with deals involving industry competitors.
- This acquisition highlights the complexities of the private equity landscape and its implications for market competition.
Apollo Global Management is reportedly close to finalizing a £2.7 billion deal to acquire Evri, the UK-based parcel delivery service. Sources indicate that the announcement could come as early as Thursday afternoon. This acquisition is significant as it highlights the intricate antitrust considerations involved in selling to a financial buyer rather than an industrial one. Evri, which rebranded from Hermes in 2022, is a major player in the UK parcel delivery market, handling over 700 million parcels annually. The company operates with a workforce of more than 20,000 couriers and boasts a network of over 14,000 ParcelShops and lockers. It holds nearly a 20% market share and serves numerous well-known retailers, including online platforms like Etsy and Vinted. The sale comes at a time of transformation within the parcel delivery sector, as the parent company of Parcelforce, International Distribution Services, is also moving towards privatization. Additionally, Yodel, another competitor, is reportedly raising funds to bolster its financial standing after narrowly avoiding collapse earlier this year. Morgan Stanley and Rothschild facilitated the auction for Evri on behalf of its current owner, Advent International, which acquired the company from German mail order firm Otto. Both Advent and Apollo have been approached for comments regarding the impending deal.