Sky News has learned that Apollo has outbid competitors, including JD.com and DHL, to acquire parcel delivery giant Evri. According to banking sources, the deal could be announced as early as Thursday afternoon.

Apollo’s agreement to purchase Evri, which delivers over 700 million parcels annually, addresses the more complex antitrust implications that a sale to another industrial buyer might have posed, sources said. Platinum Equity, another private equity firm, also made an offer for Evri. Morgan Stanley and Rothschild managed the auction on behalf of Advent International, the current owner, who had acquired Evri from the German mail order company Otto.

Evri, formerly known as Hermes until 2022, employs over 20,000 couriers and operates a network of more than 14,000 ParcelShops and lockers. It serves numerous prominent retailers, as well as online platforms like Etsy and Vinted, holding nearly a 20% share of the UK market.

The sale of Evri coincides with the privatization process of Parcelforce’s parent company, International Distribution Services, which owns Royal Mail. Recently, Sky News reported that Yodel, having narrowly avoided collapse this year, is raising tens of millions of pounds to bolster its balance sheet. Both Advent and Apollo have been contacted for comment.