Polish parcel locker network InPost buys UK delivery firm Yodel for £106m
The takeover will expand InPost's footprint in the UK, taking its market share from 2% to 8%. It comes only months after the Polish operator completed a separate takeover of another UK logistics company – Menzies Distribution – in October last year.
InPost, which placed its first locker in Kraków in 2009, said the takeover would combine its drop-off and collection network with Yodel's home delivery capabilities, 'seamlessly integrating out-of-home and to-door solutions' under a single brand.
It estimates the takeover will result in the combined business delivering more than 300m parcels in the UK a year, serving more than 700 online retailers. The deal also means that the UK will now make up about 30% of the group's revenue.
'This acquisition marks a pivotal milestone in InPost's journey to revolutionise the UK delivery market, as well as the group pan-European presence,' Rafał Brzoska, the founder and chief executive of InPost Group, said in a statement.
'We have just fast-forwarded five years of organic expansion in the UK and it is a clear reflection of our long-term commitment to this market, a market where we see enormous opportunity for growth. Our logistics model has transformed delivery in other European markets, and with this acquisition, we are now well positioned to do the same here.'
The deal will entail InPost acquiring 95.5% of Yodel's parent company, Judge Logistics Ltd, in a debt-to-equity arrangement in which a loan worth £106m will be converted into equity shares. PayPoint will retain a minority 4.5% stake in JLL.
Once the deal is completed, the combined company will be the third largest independent logistics business serving the UK e-commerce industry, behind Royal Mail and Evri – but excluding Amazon – InPost said.
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It follows the £3.6bn takeover of Royal Mail's parent company International Distribution Services by the Czech billionaire Daniel Křetínský, amid an industry shake-up fuelled by a boom in online shopping and parcel deliveries.
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