89.81% of InPost Shares Tendered
Shareholders tendered 89.81% of InPost's stock by Friday's deadline, well clear of the 80% minimum the consortium needed. The figure caps a process that began in February, when FedEx, Advent International, A&R Investments and PPF Group agreed to pay €15.60 a share in cash, valuing InPost at roughly €7.8 billion. The offer received EU antitrust clearance in mid-August, with final approval from Vietnam's competition authority following in early September. InPost is expected to leave Euronext Amsterdam once the transaction is completed. Once the deal closes, FedEx and Advent will each hold 37% of the consortium. A&R Investments, Brzoska's own vehicle, takes 16%, and PPF Group holds the remaining 10%.
FedEx Expands Its Delivery Network in Europe
The acquisition gives FedEx access to InPost’s parcel-locker network, which operates across nine countries. Customers can collect parcels from automated lockers and other collection points instead of waiting for deliveries at home. That model has become a significant part of InPost’s business in markets where its locker network is already established. FedEx and InPost are also expected to work through commercial agreements linking FedEx’s delivery network with InPost’s out-of-home locations. When the deal was announced, the consortium said the arrangement could help expand parcel delivery across European markets. Parcel delivery companies are dealing with higher demand for collection points while also looking for ways to keep last-mile delivery costs under control. InPost’s locker model shifts part of the delivery process away from individual addresses, which can reduce the number of separate door-to-door stops in markets with broad locker coverage.
InPost Faces Higher Costs and Competition
InPost's shares have traded below their 2021 IPO price for much of the period since listing, even as the stock rallied on takeover speculation earlier this year, with competition in Poland and heavy investment in its delivery network weighing on the underlying business. In August, the company lowered its 2026 outlook, with adjusted EBITDA now expected to fall by a mid-single-digit percentage. The company cited higher investment costs, pricing competition in Poland and changes to its operations in the UK and Ireland. The new owners will therefore take control of a business with an established network across several European markets, but one that is still spending heavily on expansion.
Next Steps in the Takeover
The remaining stake still has to be worked through under the offer's terms. InPost’s offer documents state that holdings between 80% and 95% can lead to a post-closing demerger and liquidation process, while reaching 95% can trigger a squeeze-out process. FedEx and its partners still have to complete the remaining steps of the takeover. After that, InPost’s spending on its locker network and its results in Poland will be important factors for the business under its new ownership.