Key points

  • InPost said 448,981,978 shares, or approximately 89.81% of its issued capital, were tendered by the September 18 deadline.
  • The result exceeds the minimum acceptance condition of 80%, while the offeror must say by September 23 whether the offer is unconditional.
  • The €15.60-per-share cash offer values InPost's equity at about €7.8 billion and would leave FedEx and Advent with 37% each of the consortium.

A consortium backed by FedEx and Advent International has crossed the acceptance threshold for its proposed acquisition of European parcel-locker operator InPost. InPost and the offeror, IS Iris Lux Bidco, said 448,981,978 shares were tendered before the offer period expired at 17:40 CEST on September 18. That represents approximately 89.81% of InPost's issued and outstanding share capital, above the minimum condition of 80%. Reuters independently reported the result on September 18.

The threshold is cleared, but one formal step remains

Crossing 80% satisfies the offer's minimum acceptance requirement, but the transaction has not yet been declared unconditional. The joint filing says the offeror will announce by September 23 whether it is making that declaration. The terms and conditions otherwise remain unchanged, according to the filing. Because acceptance finished below 95%, the structure described in the offer documents points toward a post-closing demerger and liquidation rather than the statutory squeeze-out route available at or above the 95% level. That process is intended to move the remaining shares or business into the buyer's structure, subject to the offer terms and corporate approvals.

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A €7.8 billion bet on out-of-home delivery

The all-cash offer is priced at €15.60 per share and values all issued and outstanding InPost shares at approximately €7.8 billion. When the agreement was announced in February, the companies said the price represented a 50% premium to InPost's January 2 closing price and a 53% premium to its three-month volume-weighted average before that date. The boards' non-conflicted members unanimously recommended the offer. Regulatory clearance was completed before the acceptance result, removing another major closing condition.

FedEx and Advent will be equal lead investors

The planned consortium ownership gives FedEx and Advent 37% each. A&R Investments, the vehicle associated with InPost founder and chief executive Rafał Brzoska, is set to hold 16%, while PPF Group is due to own 10% after reinvesting part of its sale proceeds. The original announcement said InPost would remain a standalone company with its existing brand, Polish headquarters and management structure. FedEx and InPost also said they would remain independent competitors rather than integrate their operations.

The strategic focus is Europe's delivery network

For FedEx, the investment offers access to a large out-of-home delivery network at a time when carriers are trying to make last-mile shipping more flexible and less costly. InPost entered the transaction with 61,000 automated parcel lockers alongside pickup-and-drop-off locations and doorstep delivery services. The consortium said it intends to support expansion in France, Spain, Portugal, Italy, Benelux and the United Kingdom. Commercial agreements planned after closing are expected to connect FedEx's international network with InPost's consumer-facing delivery infrastructure, while keeping the companies operationally separate.

What investors should watch next

The immediate date is September 23, when the offeror must state whether the bid is unconditional. Settlement and the post-closing steps would follow the timetable and conditions in the offer memorandum. The 89.81% acceptance level gives the consortium a decisive economic position, but it also leaves a minority outside the tender. How those holdings are treated through the planned restructuring will determine the final path to full private ownership and InPost's expected delisting from Euronext Amsterdam.

Sources

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