White & Case advises UK-based IDS Group, which includes Royal Mail and GLS, on the issuance of €1.4 billion notes

Global law firm White & Case LLP has advised IDS Financing plc as issuer on the simultaneous issuance of €750 million 4.000% fixed rate notes due 2032 and €650 million 3.250% fixed rate notes due 2029, both admitted to trading on the main market of the London Stock Exchange.

The notes are guaranteed by International Distribution Services Limited (IDS), the holding company of the IDS Group, which includes Royal Mail Group (Royal Mail) and General Logistics Systems B.V. (GLS). For a certain period, the notes are also guaranteed by GLS.

White & Case partner Petr Hudec, who co-led the Firm’s deal team, said: “The issuances attracted strong investor demand and marked a highly successful return of IDS to the markets. We are pleased to support the company as it pursues its strategic objectives following its recent takeover by the EP Group.”

The notes were issued under an EMTN programme established immediately prior to the issuances, on which White & Case also advised. BNP Paribas, Citigroup, Crédit Agricole, Intesa Sanpaolo, Société Générale and UniCredit Bank acted as joint lead managers.

IDS is the UK-based parent company of Royal Mail and GLS. Its shares were admitted to trading on the London Stock Exchange in 2013. In 2025, IDS was acquired by the Czech-based EP Group controlled by Daniel Křetínský, and its shares were delisted. Royal Mail is the UK’s leading postal and delivery service provider, operating the Royal Mail and Parcelforce Worldwide brands. GLS is one of the largest parcel service providers in Europe, with a growing presence in North America and Asia. Together, Royal Mail and GLS combine national heritage with global reach, serving millions of customers in the UK and worldwide.

The White & Case team which advised on the transaction was led by partners Petr Hudec (Prague) and Stuart Matty (London), and included counsel James Clarke (London), associates David Mikyska and Anna Bezděková (both Prague), and legal intern David Eyem (Prague).

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