Parcel locker company InPost (INPST.AS) has acquired Yodel, one of Britain's biggest parcel delivery firms, it said on Thursday, a move that will make the Polish group the third-largest independent logistics player in the UK.
Under the terms of the deal, InPost has acquired 95.5% of Yodel parent Judge Logistics' (JLL) share capital, with PayPoint (PAYP.L) retaining a minority stake of 4.5%.
The acquisition was structured as a debt-to-equity conversion, with InPost converting its existing loan to JLL into equity. Up to the closing date, InPost had provided JLL with financing amounting to 106 million pounds ($140 million) in the form of convertible loan notes.
InPost CEO Rafal Brzoska said in a post on LinkedIn that the total value of the transaction amounts to 136 million pounds, including debt refinancing.
In January InPost said it planned to invest an additional 600 million pounds by 2029 to expand its operations in the United Kingdom.
The acquisition builds on the partnership established between InPost and Yodel in October 2024, when Yodel began providing last-mile services through InPost’s 'locker-to-door' service.
It will allow InPost to accelerate its growth in Britain with an increase to about 300 million parcels annually, expanding its merchant base to more than 700 e-commerce stores.
Following the transaction, InPost UK's market share will increase to about 8%, with 10,000 automated parcel machines totalling more than 18,000 out-of-home pick-up points.
"This acquisition marks a pivotal milestone in InPost's journey to revolutionise the UK delivery market as well as the group pan-European presence," Brzoska said in the statement.
He said Britain was a market where InPost sees "enormous opportunity" for growth.
InPost plans for the deal to be accretive to earnings before interest, tax, depreciation and amortisation within a year.
The transaction follows the acquisition of Menzies Distribution in October 2024, which gave InPost full control over its entire logistics process in the UK.
Asked during a media call about InPost entering the German market, Brzoska said the company had no current plans to do so. Under certain conditions, he said, Germany "will be the most attractive and interesting market for us, and no other, but we have no such plans today".
Brzoska also said he thought U.S. tariffs would have a positive impact on volumes flowing from Asia, especially from China to Europe.
($1 = 0.7572 pounds)
