Czech billionaire Daniel Kretynsky's £3.6 billion takeover of parent company Royal Mail ahead of the UK general election looks set to end the battle for the future ownership of Britain's postal service.

The tycoon-owned EP Group has agreed to buy shares in International Distribution Services Plc it does not already own and protect Royal Mail as a "key part of the fabric of British society". Kretynskyi also promised not to disband the group for at least three years and to deliver letters six days a week for the next five years.

The deal, struck just days after the election was announced, is likely to face resistance from British politicians who have previously expressed concern that Kretynski already owns part of the former state-owned company. Its share is now more than 27%.

Royal Mail is grappling with a decline in letters and a rise in parcel deliveries linked to e-commerce.

Kretynsky is committed to preserving the Royal Mail brand and keeping IDS and Royal Mail headquartered in Great Britain.