Advent to acquire stakes in Hermes UK and Hermes Germany from Otto Group for £903m.

Advent International agreed to acquire a 75% stake in Hermes UK and a 25% stake in Hermes Germany, two consumer delivery companies, from Otto Group, a German mail order company for £903m. "This is fantastic news for Hermes UK as we continue our upwards trajectory in the fast-growing and capital-hungry home delivery sector. The investment will enable us to remain independent and be agile and responsive to future market requirements. It will help to expedite the development of our capacity and technology, supporting the introduction of new innovative products and services that will greatly benefit our retail clients and their customers," Martijn de Lange, Hermes UK CEO.