By Kim Richters

Otto GmbH & Co KG said Monday that it intends to sell French subsidiary Mondial Relay to InPost SA for around 565 million euros ($675.4 million).

Amsterdam-listed InPost, which offers logistics services such as parcel lockers, agreed to take over 100% of the logistics company Mondial Relay, according to the German retailer, also known as Otto Group.

The takeover plans also include Mondial Relay operations in Belgium, Luxembourg, the Netherlands, Portugal and Spain and Mondial Relay's current management will continue to head the business, said Otto.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

March 15, 2021 07:04 ET (11:04 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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