Feb 9 (Reuters) - A consortium led by holding firm
Advent and FedEx ( FDX ) has agreed to buy InPost for
15.60 euros per share, valuing the parcel locker company at 7.8
billion euros ($9.2 billion) and aiming to further expand its
reach across Europe, the companies said on Monday.
The offer price marks an around 17% premium to InPost's
closing price on Friday. The Amsterdam-listed shares opened 14%
higher, trading at May 2025 highs.
InPost, which operates across nine countries including its home
market Poland, has one of the largest European networks of
automated parcel machines, or APMs. Since its Amsterdam listing
in 2021, it has met tepid market confidence as competition at
home intensified and investments aimed at quick expansion held
back profit growth.
A string of deals last year included buying Yodel in Britain and
a Spanish delivery company. The European expansion has largely
been financed by revenue and earnings growth in Poland in recent
years.
In January, InPost said it had received an indicative takeover
proposal from an unnamed party, boosting its shares.
Under private ownership, the group will aim to extend its
footprint in France, Spain, Portugal, Italy, Benelux and
Britain, Europe's largest e-commerce market, the joint statement
said.
As part of the deal, Advent and FedEx ( FDX ) each will own 37% of
the company, while InPost CEO Rafal Brzoska's investment vehicle
A&R will own 16% and PPF, the investment firm of the Czech
Kellner family, will hold the remaining 10%.
"Together, we will strengthen our network and reach more
consumers with enhanced fast and flexible delivery options as we
continue our objective of redefining the European e-commerce
sector," Brzoska said in the statement.
Advent, A&R and PPF already own stakes in InPost. Advent had
bought a majority stake in 2017 but has since reduced its
ownership to 6.5%, while A&R and PPF own 12.49% and 28.75%,
respectively, according to the InPost website.
The company will continue to be called InPost and maintain
its management structure and headquarters in Poland. The parties
expect the transaction to be closed in the second half of this
year.
"The proposed price is likely to be viewed by most of the
market as moderately attractive rather than opportunistic,"
equity analysts from Erste Group said in a note to investors.
($1 = 0.8445 euros)