[FINANCIAL] Logistics
· E-Commerce Infrastructure ·
European Last-Mile — February 9, 2026
FedEx and Advent Lead €7.8B Consortium
Buyout of InPost, Redefining European Last-Mile Delivery
A landmark European logistics take-private: the Polish parcel
locker giant delist at a 50% premium as FedEx gains access to 40,000+ automated
pickup points across the continent — and Advent doubles down on a bet it has
held since 2017.
DEAL SNAPSHOT
|
DEAL VALUE €7.8B ($9.2B) |
STRUCTURE All-Cash Public Tender
Offer |
|
ANNOUNCED February 9, 2026 |
PRICE PER SHARE €15.60 (50% premium) |
|
EXPECTED CLOSE H2 2026 |
EQUITY COMMITTED €5.9B committed equity +
€4.95B debt |
THE PARTIES
|
ACQUIRER FedEx Corporation (NYSE:
FDX) + Advent International FedEx, the
$90B+ global logistics giant, and Advent International, one of the oldest and
most experienced global buyout firms ($90B+ AUM), co-anchor the consortium
with 37% each. Also participating: A&R (founder Rafal Brzoska's vehicle,
16%) and PPF (Czech Kellner family office, 10%). |
TARGET InPost S.A. (Euronext
Amsterdam: INPST) Krakow,
Poland-based automated parcel locker operator. Europe's fastest-growing
out-of-home delivery network, with 40,000+ Paczkomat lockers across 8+
countries (Poland, France, UK, Italy, Spain). Revenues >€2.4B in 2025.
Founder Rafal Brzoska took the company public in Amsterdam in 2021 at an €8B
valuation. |
DEAL OVERVIEW
The consortium is
launching an all-cash public tender offer at €15.60 per share — a 50% premium
to InPost's undisturbed share price on January 2, 2026, and a 53% premium to
the three-month volume-weighted average. Shareholders representing
approximately 48% of shares outstanding have already irrevocably committed to
tender.
The deal brings
InPost back into private hands five years after its Amsterdam listing —
somewhat below the €8 billion IPO valuation of 2021, though at a meaningful
premium to where the stock was trading heading into the transaction. Minimum
acceptance threshold: 80% of all outstanding shares must tender for the offer
to proceed.
"This partnership will strengthen InPost's position as the
leading European e-commerce enabler, accelerating our expansion and creating
value for all stakeholders."
— Rafal
Brzoska, Founder & CEO, InPost
STRATEGIC RATIONALE
For FedEx, the
deal is transformational: InPost's 40,000+ automated lockers give FedEx a
turnkey network for last-mile B2C delivery in Europe's most important
e-commerce markets, without building from scratch. European e-commerce
penetration continues to rise post-pandemic, and out-of-home delivery
dramatically reduces failed deliveries and cost-per-parcel versus home
delivery.
For Advent, this
is a re-doubling of a successful bet: the PE firm first backed InPost in 2017,
taking it public in 2021. The firm is now taking InPost private again to pursue
a more aggressive international expansion strategy away from quarterly earnings
pressure. The post-close structure (FedEx 37%, Advent 37%, Brzoska 16%, PPF
10%) creates a closely aligned consortium with clear lanes.
ADVISORS
FedEx
Legal: Baker McKenzie (Michael
DeFranco, William Rowe, Justin Hutchinson)
InPost
Financial (Fairness): J.P. Morgan
Securities plc + Banco Santander S.A.
Transaction
Structure: Consortium financed via
€5.9B equity + €4.95B committed debt facilities