GLOBALIZATION IS MONOPOLY CAPITALI$M
A consortium led by private equity firm Advent and FedEx have reached a conditional agreement on an intended recommended all-cash public offer for all shares in Poland’s leading out-of-home delivery and automated parcel lockers company InPost at an offer price of €15.60 (cum dividend) per share, InPost announced on February 9. Thus, the transaction, expected to close in H2 2026, will be worth €7.8bn.
“The consortium will be structured with Advent holding 37%, FedEx holding 37%, A&R holding 16% and PPF holding 10% of the shares in (the indirect sole shareholder of) the offeror entity upon settlement of the offer. PPF will tender all of its shares under the offer and will subsequently reinvest part of its proceeds in exchange for a 10% indirect equity stake in (the indirect sole shareholder of) the offeror upon settlement,” InPost’s market filing reads.
Advent previously owned a majority stake in InPost before it went public. A&R is owned by InPost’s founder and CEO Rafał Brzoska.
“The offeror intends to launch the offer as soon as practically possible and in accordance with the applicable statutory timetable. The offer memorandum is expected to be published, and the offer is expected to commence, in Q2 2026,” the release continues.
Based on the required steps and subject to the approval of the offer memorandum, InPost and the offeror anticipate that the offer will close in H2 2026.
“A key element of the new puzzle is the entry of FedEx Corporation into the game – the American giant is not taking over InPost in the traditional way, as there will be no operational integration of the two entities,” commented the Parkiet daily.
CEO of FedEx Raj Subramaniam said, as quoted in InPost’s release, that together with InPost’s leadership and fellow consortium members, “we see a clear path to unlocking growth, improving the efficiency of our B2C last mile operations, enhancing returns, and better serving customers across Europe.”
“Our headquarters, our brand, business management and the core of our innovation capabilities will remain in Poland, which continues to be the blueprint for our successful strategy. With the support of our partners, I believe we can unlock InPost’s full potential and further grow our position as an e-commerce enabler in Western Europe,” Brzoska added.
The Wall Street Journal noted that InPost had been rolling out its automated parcel lockers, which are typically found in transport hubs and supermarkets, to more countries in recent years. “The company pitches its lockers as a cheaper, more convenient and environmentally friendly alternative to doorstep deliveries,” the paper said.
The company has also grown through acquisition, buying up delivery businesses in the UK and Spain. Last year, it handled 1.4bn parcels, up 25% on the year before, it added.
As noted by Reuters, the offer price of €15.60 per share marks an around 17% premium to InPost's closing price on February 6, but it is below InPost's 2021 IPO (after which the company was listed in Amsterdam) price of €16.
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