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FedEx-led group completes $8.9B buyout of Poland’s InPost
Transaction gives FedEx a significant foothold in Europe’s out-of-home delivery market
A customer uses a parcel locker operated by InPost in Warsaw. (Damian Lemanski/Bloomberg)
Key Takeaways:
- A consortium led by FedEx and Advent International secured 89.8% of InPost shares, clearing the threshold for its $8.9 billion acquisition and planned delisting.
- The deal gives FedEx a stronger position in Europe’s growing out-of-home delivery market while supporting InPost’s parcel-locker expansion across key countries.
- The consortium will decide by Sept. 23 whether to declare the offer unconditional and may pursue remaining shares through additional tenders or other steps.
A consortium led by FedEx Corp. and Advent International acquired InPost SA after completing its tender offer, putting the Polish parcel-locker company on course for a removal from public trading.
The consortium cleared the minimum 80% acceptance threshold for its 7.8 billion-euro ($8.9 billion) offer, with some 89.8% of shares tendered by a Sept. 18 deadline, the company said in a statement.
The transaction gives FedEx a significant foothold in Europe’s rapidly expanding out-of-home delivery market, while providing InPost with backing for further expansion of its automated parcel-locker network across the continent. InPost is present in western Europe, including the U.K., France, Spain and Italy, where it has bought local rivals.
The 15.60-euro-a-share cash offer represented a 50% premium over InPost’s Jan. 2 closing price, though it’s less than its listing price in Amsterdam in 2021. The tender period, which began in May, was extended through Sept. 18 as the bidders awaited final regulatory approvals.
FedEx and Advent will each hold 37% of the consortium after completion, while A&R Investments, an entity controlled by InPost founder and CEO Rafal Brzoska, will own 16% and Czech investment group PPF Group NV will have 10%. Brzoska is set to remain CEO.
The consortium, which plans to delist InPost from Amsterdam, will announce by Sept. 23 whether it declares the offer unconditional and may also open a post-acceptance period for additional tenders. If its stake remains below 95%, it plans a post-closing demerger and liquidation to acquire the entire business, while reaching 95% would allow it to squeeze out the remaining shareholders.
FedEx ranks No. 2 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 3 on the TT Top 50 list of the largest global freight carriers.
