A consortium led by Advent International, FedEx Corporation, A&R Investments and Ppf Group has reached a binding agreement to launch a voluntary and recommended public takeover bid for all the shares of InPost. The all-cash transaction offers €15.60 per share, implying a total equity value of around €7.8bn, with the aim of delisting the company, which is currently listed on Euronext Amsterdam. Completion is expected in the second half of 2026, subject to shareholder approval and clearance from the relevant competition authorities.
InPost is a Polish operator specialising in automated parcel lockers and out-of-home delivery services, with its headquarters and management centre in Poland and operational activities spread across several European countries. The group’s network comprises around 61,000 lockers, with a strong concentration in its domestic market and a gradual expansion across Western Europe. Between 2020 and 2025, parcel volumes grew steadily, supported by the expansion of e-commerce and the increasing adoption of delivery solutions as an alternative to home delivery.
The acquiring consortium brings together both industrial and financial profiles. Advent International participates as a global private equity investor, while FedEx joins the transaction with a significant stake, alongside A&R Investments, a vehicle linked to InPost founder and chief executive officer Rafał Brzoska, and Ppf Group, a Czech-based financial and industrial group that is already a shareholder in the company. Upon completion of the offer, the ownership structure would see Advent and FedEx each holding 37%, A&R 16% and Ppf 10%.
The offer price includes a substantial premium over market levels. The €15.60 per share consideration represents an increase of around 17.3% compared with the closing price on the Amsterdam exchange on 6 February 2026 and roughly 50% over the undisturbed price on 2 January 2026, prior to the first market rumours of a potential acquisition. InPost’s Supervisory Board, through a special committee chaired by president Hein Pretorius, has described the offer as a compelling opportunity for shareholders and has recommended its acceptance.
From a financial perspective, the transaction is based on a fully committed financing structure. Equity commitments amount to approximately €5.918bn, while debt financing is available for up to around €4.95bn. A significant portion of the share capital, equal to about 48%, is already covered by irrevocable undertakings from existing shareholders to tender their shares, strengthening visibility on the successful outcome of the offer.
The transaction envisages several post-closing scenarios. If the consortium reaches at least 95% of the share capital, it will be able to proceed with a squeeze-out of the remaining shares and complete a full delisting. If the final stake were to fall between 80% and 95%, an alternative route is envisaged that includes corporate demerger operations followed by liquidation, in order to achieve full control of the company. Ppf Group, in particular, will sell its current direct stake in InPost and reinvest part of the proceeds in the acquiring holding company, changing the nature of its participation.
From a corporate governance perspective, the transaction is designed to ensure continuity. Rafał Brzoska will remain chief executive officer and continue to lead the group, maintaining a central role in defining its strategy. The headquarters in Poland will also remain the company’s operational and decision-making hub, providing stability for employees, customers and local institutions.
The industrial rationale behind the deal focuses on the out-of-home delivery model. InPost’s locker network is viewed as a critical infrastructure for European e-commerce, characterised by a scale that would be difficult to replicate in the short term. For FedEx, the equity investment provides direct access to a dense network of pick-up and drop-off points that can be integrated with its air and ground transport activities, with potential benefits in terms of flow optimisation and last-mile cost reduction.
A return to a non-listed corporate structure is also seen as enabling strategic decision-making with a medium- to long-term horizon, less constrained by quarterly market pressures. In a sector marked by capital-intensive investments in physical networks and technology, the ability to plan over multi-year cycles is considered an important factor in supporting geographic expansion and operational efficiency.
The transaction comes against a backdrop of ongoing consolidation in the European delivery and last-mile logistics market. The combination of a global operator such as FedEx with a platform specialising in parcel lockers could prompt other players, including couriers, postal operators and marketplaces, to accelerate partnerships or investments in alternative pick-up networks. At the same time, FedEx’s involvement makes a thorough review by European and national antitrust authorities likely, particularly with regard to third-party access to the InPost network and potential competitive effects in adjacent segments.
Pietro Rossoni
