Private equity firm CVC Capital Partners will double its holding in Belgium’s national postal service for €373m ($476m) after agreeing to sell its stake in Post Danmark, the Danish mail provider set to merge with a Swedish peer later this year.

CVC has agreed to sell its 22% stake in Post Danmark to the Danish state for an undisclosed sum because Post Denmark has planned to merge with Swedish peer Posten this year. CVC, which invested in Post Danmark in 2005, said in a statement it would not want to have too small a stake in the combined company, expected to stand at 8%.