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Royal Mail and the Communication Workers Union (CWU) have reached an "in principle" agreement over pay and employment terms.
The CWU's executive will meet next week to consider the deal, the postal company and the union said in a joint statement.
If it is accepted, it will then be voted on by union members.
The agreement could signal the end of a long-running row over workers' pay, jobs and conditions.
The joint statement said: "After almost a year of talks, Royal Mail and the Communication Workers' Union (CWU) are pleased to announce they have reached a negotiators' agreement in principle.
"The proposed agreement will now be considered by the executive of the union before being voted on by the union's membership.
CWU general secretary Dave Ward and deputy general secretary Andy Furey said: "On the basis that the negotiators' agreement is endorsed by the postal executive, we will put in place a full communications plan to engage members.
"Thank you for your support and patience. It has got us to this point."