Advent and FedEx to buy InPost in $9.2bn deal

A consortium led by Advent International and FedEx has agreed to acquire European parcel locker operator InPost in a deal valuing the business at approximately $9.2bn (€7.8bn).

Under the terms of the transaction, the consortium will pay €15.60 per share, representing a premium of around 50% to InPost’s share price at the start of the year. The deal will result in InPost being taken private, subject to regulatory approvals, with completion expected in the second half of 2026.

Ownership will be split between Advent and FedEx, which will each hold a 37% stake in the business. InPost founder and chief executive Rafał Brzoska will retain a 16% interest through his investment vehicle A&R, while Czech investment group PPF will hold the remaining 10%.

InPost operates one of Europe’s largest networks of automated parcel machines, with more than 40,000 lockers across nine countries. The company has a particularly strong presence in Poland, its home market, and has expanded rapidly into the UK, France, Italy, Spain, Portugal, and the Benelux region as e-commerce volumes have increased.

The business listed in Amsterdam in 2021 and has since pursued an aggressive expansion strategy, including the acquisition of UK delivery company Yodel. While the strategy strengthened InPost’s geographic footprint and delivery capabilities, it also weighed on margins and contributed to uneven investor sentiment in public markets.

For Advent, the transaction marks a return to private ownership of a company it has backed since 2017. The private equity group previously reduced its stake following InPost’s listing but has remained closely involved in its strategic direction.

FedEx’s participation reflects growing interest among global logistics providers in out-of-home delivery infrastructure. Parcel lockers are increasingly viewed as a cost-efficient solution to last-mile delivery challenges, particularly in dense urban areas where home delivery is more complex and expensive.

The consortium said the move to private ownership would provide InPost with greater flexibility to invest in technology, network expansion, and operational efficiency without the short-term pressures associated with public markets.

The deal is one of the largest European logistics transactions announced this year and underscores continued private equity interest in infrastructure-like assets tied to e-commerce growth. It also highlights the strategic importance of parcel locker networks as retailers and carriers seek to balance speed, cost, and sustainability in last-mile delivery.