Advent & FedEx-Led Consortium Agrees €7.8bn All-Cash Offer for InPost

Advent International, FedEx (via its subsidiary FCWB LLC), A&R Investments (founded by InPost CEO Rafał Brzoska) and PPF Group, together with InPost, have reached a conditional agreement on a recommended all-cash public offer to acquire all outstanding shares of InPost at EUR 15.60 per share, valuing the company at approximately EUR 7.8 billion.

  InPost offers secure, automated, and easily accessible parcel pickup solutions that generate profitable last-mile business-to-consumer (B2C) shipments. The Transaction, expected to be completed in the second half of 2026, brings together InPost, Advent, FedEx, A&R, a company founded by Rafał Brzoska, and PPF (the “Consortium”), to unlock growth, consumer choice and value creation in Europe’s fast-growing delivery sector. Post-Settlement, the Consortium will be structured with Advent holding 37%, FedEx holding 37%, A&R holding 16% and PPF holding 10%. PPF will tender the entirety of its stake in support of the Transaction and will reinvest a part of the proceeds to become a 10% shareholder in the Consortium. InPost will continue to operate as a standalone company, bringing together a proven and visionary founder and long-term, experienced financial and strategic investors in the sector. The business operations will be maintained in their current form, and the head office remains in Poland.

 Building on the strength of its position as an innovative out-of-home delivery enabler in Poland, InPost has expanded successfully into Western Europe, quadrupling parcel volumes between 2020 and 2025. With a network of 61,000 automated parcel lockers, combined with pick-up and drop-off (PUDO) locations and fast and flexible doorstep delivery options, there is a clear path to significantly grow InPost’s out-of-home network and extend its reach to consumers across Europe. InPost also benefits from strong tailwinds in the European delivery market, including rising consumer demand for speed and convenience, attractive pricing for merchants, and the shift towards more sustainable technology enabled delivery solutions.

The Consortium is committed to supporting InPost’s existing strategy, including further expansion of its European footprint in France, Spain, Portugal, Italy, Benelux and the UK, the largest e-commerce market in Europe. The Consortium will also support InPost’s ongoing initiatives to redefine the European e-commerce sector by deepening partnerships across the value chain, including continued investment in its consumer-centric mobile offering.

Hein Pretorius, Chair of the Supervisory Board of InPost and the Special Committee: “Together with our advisers, we have thoroughly assessed the interest expressed by the Consortium in InPost in a Special Committee and conducted a careful, structured process, reviewing alternatives and weighing a broad range of financial and non-financial considerations. We are confident that the Offer represents a compelling opportunity for shareholders to realize immediate and certain value at an attractive premium. We believe that the Transaction provides a solid foundation for the future of InPost, with the Consortium that has a long-term perspective on value creation and fully endorses the strategy. We are convinced that the Offer serves the best interests of the Company and all its stakeholders, and therefore the Supervisory Board members unanimously support the Offer.”

Rafał Brzoska, CEO/Founder of InPost: “Building on our success in Poland, this Transaction will support our next phase of growth as we continue to grow across Europe. By partnering with the long‑term financial and strategic investors of the Consortium who know our business and the industry well, we benefit from the expertise, stability and resources needed to capitalize on the strong tailwinds including increasing e-commerce penetration, rising consumer demand for speed and convenience and the shift towards more sustainable delivery solutions. 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. I remain fully committed to leading InPost in the years ahead. Our headquarters, our brand, business management and the core of our innovation capabilities will remain in Poland, which continues to be the blueprint for our successful strategy. With the support of our partners, I believe we can unlock InPost’s full potential and further grow our position as an e-commerce enabler in Western Europe.”

Ranjan Sen, Managing Partner at Advent: “InPost is transforming the European e-commerce landscape and we are excited to form this strategic partnership with FedEx, a global sector leader, to help accelerate InPost’s growth. Building on Advent’s strong track record in the logistics, technology and consumer sectors, we will support InPost’s proven strategy including the expansion of its locker network, deepening its partnerships with customers and enhancing its offering for consumers. We look forward to working with Rafał, the management team and the Consortium to provide the strategic support and long-term view needed to unlock InPost’s growth potential and enhance its position as a leading pan-European e-commerce enabler.”

Raj Subramaniam, CEO of FedEx: “FedEx has a global network that powers the industrial economy, and InPost has a strong and successful presence in Europe’s out-of-home delivery segment. We will be entering into agreements with InPost following completion of the Transaction that will provide our customers access to InPost’s last-mile B2C capabilities while bringing FedEx’s global network and logistics expertise to support InPost’s next phase of growth. Our investment in InPost reflects our disciplined approach to capital allocation and long-term value creation. Together with InPost’s leadership and our fellow consortium members, we see a clear path to unlocking growth, improving the efficiency of our B2C last mile operations, enhancing returns, and better serving customers across Europe.”

 Didier Stoessel, Co-CEO of PPF: “Since our initial investment in InPost almost three years ago, we have committed to helping the company realize its vision for InPost’s European expansion. We believe the offer is attractive and are therefore selling the majority of our interest in support of the transaction. We are pleased to continue our support as a minority investor as InPost begins a new chapter in pursuit of sustainable growth.”

 The Consortium believes the Transaction has compelling financial attributes for accepting shareholders and will support long-term value creation for customers, communities and employees. Alongside Advent, Rafał Brzoska and PPF, FedEx brings deep industry expertise based on its diversified and global network, and advanced technology, and supports InPost’s ambition to become a leading European e-commerce enabler. FedEx and InPost will not integrate their operations and will remain independent competitors in their respective markets and segments.

Following completion of this Transaction, in compliance with applicable antitrust laws, InPost and FedEx will enter into arm’s length commercial agreements that will enable both businesses to benefit from complementary strengths and a shared vision by:

• Connecting FedEx’s global network of 3 million businesses and 225 million recipients worldwide with InPost’s locker network and B2C last mile operations, allowing efficient delivery to consumers where they want to receive goods.
• Allowing FedEx to accelerate the rapid growth of out-of-home parcel delivery across key European markets, improving profitability and returns in its European operations.

InPost’s shareholders will receive a cash consideration of EUR 15.60 for each validly tendered Share. The offer price values all issued and outstanding shares of InPost (“Shares”) at approximately EUR 7.8 billion and delivers an immediate, certain and compelling valuation to the shareholders of the Company.

The offer price represents the following premia to the undisturbed share price referenced as of 2 January 2026 (the “Undisturbed Share Price”):

• 50% to the closing share price of EUR 10.4;
• 55% to the 1-month volume-weighted average share price up to and including 2 January 2026 of EUR 10.1;
• 53% to the 3-months volume-weighted average share price up to and including 2 January 2026 of EUR 10.2; and
• 43% to the 6-months volume-weighted average share price up to and including 2 January 2026 of EUR 10.9.