A consortium spearheaded by private equity firm Advent International and global logistics giant FedEx has reached a definitive agreement to acquire InPost, the European automated parcel locker operator, in a transaction valued at approximately €7.8 billion ($9.2 billion). The consortium will pay €15.60 per share in cash, representing a significant premium of roughly 50% above InPost's closing share price of €10.40 on January 2, 2026, prior to market speculation about a potential deal.
Strategic Rationale and Ownership Structure
This acquisition is a strategic move for FedEx as it aggressively expands its presence in the European out-of-home delivery market, which focuses on delivering parcels to lockers and pickup points rather than residential addresses. The deal allows FedEx to tap into InPost's extensive network to secure more cost-effective last-mile delivery solutions across the continent. Following the transaction's completion, InPost will continue to operate as a standalone entity under the leadership of its current CEO, Rafał Brzoska. The companies plan to establish arm's-length commercial agreements to integrate FedEx's logistics network with InPost's locker infrastructure and business-to-consumer services.
The post-transaction ownership of the private entity is clearly delineated. Advent International and FedEx will each hold a 37% equity stake. CEO Rafał Brzoska, through his investment vehicle A&R, will retain a 16% share, while the investment group PPF will hold 10%. The consortium has stated that shareholders representing approximately 48% of InPost's outstanding shares have already committed to tender their shares in support of the offer.
Path to Privatization and Market Context
The buyout offers InPost an exit from the public markets, which the company's leadership believes will provide greater flexibility to continue its ambitious European expansion strategy without the quarterly pressures of public investor scrutiny. Since its initial public offering on Euronext Amsterdam in January 2021 at €16.00 per share, InPost has struggled to consistently win over public market investors. Its aggressive growth campaign, including the acquisitions of UK's Yodel and a Spanish delivery firm last year, has pressured profit margins even as it seeks further growth in key markets like France, Spain, Italy, Portugal, the Benelux region, and the United Kingdom. Notably, the offer price of €15.60 remains slightly below the company's 2021 IPO price, despite its considerable operational expansion since then.
The offer was formally presented after InPost confirmed on January 6, 2026, that it was evaluating a non-binding proposal from an undisclosed party. At that time, analysts from JPMorgan suggested private equity was the most logical bidder, positing that the public market had misunderstood the long-term value of InPost's pan-European growth strategy. The consortium has emphasized that its €15.60 bid represents a compelling premium, a point underscored by comparing it to the volume-weighted average price, a metric that accounts for trading activity.
Conditions and Financing
The transaction is not yet finalized and is subject to several critical conditions. It requires acceptance from shareholders representing at least 80% of InPost's shares, along with necessary regulatory and competition approvals. The deal documentation includes a customary offer matching right for the consortium, triggered if a competing bid emerges that exceeds the current offer by at least 10%. Financing for the acquisition is firmly secured, with the consortium having obtained binding equity commitments totaling €5.918 billion and debt facilities of up to €4.95 billion.
InPost's board has unanimously recommended the offer to shareholders. Supervisory Board Chair Hein Pretorius described the cash bid as providing "immediate and certain value" for shareholders. Didier Stoessel of PPF indicated that while his group intends to sell a majority of its current stake, it plans to remain invested as a minority shareholder in the privatized company. The consortium aims to release the formal offer memorandum in the second quarter of 2026 and complete the take-private transaction in the latter half of the year.
The move highlights ongoing consolidation and strategic repositioning within the global logistics and e-commerce fulfillment sector, as major players seek to optimize last-mile delivery networks. For FedEx, the investment represents a direct stake in a leading physical network of over 61,000 automated lockers and more than 33,000 pickup and drop-off points across nine European countries, providing a formidable platform for growth in a competitive market.
