At the close of the offer period at 17.40 on 18 September 2026, 448,981,978 shares had been tendered into the takeover offer for InPost, representing around 89.81% of the issued and outstanding share capital. This was almost ten percentage points above the 80% minimum acceptance threshold for the all-cash public takeover offer launched by IS Iris Lux Bidco, the Luxembourg vehicle established for the transaction. The offer price is €15.60 per share, cum dividend, valuing the company’s entire share capital at around €7.8 billion. The price represents a premium of more than 50% to the closing price of €10.40 on 2 January 2026, the date identified by the parties as the reference point unaffected by the transaction.
The bidder will announce by 23 September whether it will declare the offer unconditional, as required under the Dutch Takeover Decree and the offer document. The shares will be transferred and payment made only after this declaration, and as of 21 September no decision had been published. The bidder is currently wholly owned by Advent International, with the other shareholders set to take stakes in the company upon settlement. Advent and FedEx will each hold 37% of the consortium, A&R Investments, the company founded by Rafał Brzoska, will hold 16%, and PPF Group 10%. A&R, which owned around 12% of InPost before the transaction, will reinvest its entire stake, while PPF will sell all its shares and reinvest part of the proceeds. The financing plan provides for €5.918 billion in equity, backed by binding commitments from the four shareholders, and committed bank financing of up to €4.95 billion.
The offer document was published on 22 May following approval by the Autoriteit Financiële Markten (Dutch Authority for the Financial Markets, AFM). The acceptance period began on 26 May, with an initial deadline of 27 July that was subsequently extended to 18 September. European Commission antitrust approval was granted on 18 August, followed on 28 August by approval from the Vietnamese competition authority, completing the regulatory clearances required to close the transaction. In addition to the acceptance threshold and regulatory approvals, the offer conditions include the absence of material breaches of the merger agreement, events with a material adverse effect and competing offers.
InPost, which has its registered office in Luxembourg and is listed on Euronext Amsterdam, operates more than 64,000 lockers and 30,000 pick-up points across nine countries: Poland, the United Kingdom, France, Italy, Spain, Portugal, Belgium, the Netherlands and Luxembourg. In 2025, it delivered 1.4 billion parcels, with volumes four times higher than in 2020. The parties have ruled out integrating their operations: FedEx and InPost will remain independent competitors in their respective markets and segments and, once the transaction is completed, will enter into commercial agreements on market terms and in compliance with antitrust rules. FedEx chief executive Raj Subramaniam said the agreements would give the group’s customers access to InPost’s last-mile consumer delivery capabilities while bringing FedEx’s network to support the company’s growth.
Brzoska said that InPost’s headquarters, brand, management and core innovation capabilities will remain in Poland and that he will continue to lead the company. For 18 months following settlement, the bidder will be required to comply with a series of non-financial commitments, including maintaining the headquarters and regional structures, employee rights and capitalisation at a level sufficient to ensure business continuity. Any exemptions will require prior board approval, including the favourable vote of at least one independent member of the Supervisory Board. The acquiring consortium says it supports the strategy already under way in France, Spain, Portugal, Italy, the Benelux countries and the United Kingdom.
Antonio Illariuzzi
