On Thursday the Polish parcel locker specialist InPost announced the acquisition of Yodel, one of the UK's leading parcel delivery companies, consolidating its position as the third-largest independent logistics operator in the UK.

Under the terms of the agreement, InPost is acquiring 95.5% of the capital of Judge Logistics (JLL), Yodel's parent company. The remaining 4.5% will continue to be held by PayPoint. The transaction was structured as a debt-to-equity swap: InPost converted an existing loan to JLL totaling £106m  (approximately $140m) in convertible bonds into a majority stake.

In a LinkedIn post, InPost CEO Rafal Brzoska said that the total value of the transaction, including debt refinancing, amounts to £136m.

InPost had already announced in January its intention to invest an additional £600m by 2029 to expand its operations in the United Kingdom.

This acquisition is a continuation of the partnership established between InPost and Yodel in October 2024, when the latter began providing last-mile delivery services for InPost's "locker-to-door" service.

With this move, InPost aims to accelerate its growth in the UK market, with a target of 300 million parcels delivered per year and an expanded portfolio of more than 700 e-commerce merchants.

InPost's market share in the UK will thus rise to around 8%, with a network of 10,000 parcel lockers and more than 18,000 out-of-home collection points.

David Kerstens, an analyst at Jefferies, was quick to comment on the acquisition. He said: "Following the transaction, InPost's market share will reach around 8% in the UK, making it the third largest agnostic e-commerce player after Royal Mail (International Distribution Services) and Evri, while operating the largest parcel and outdoor advertising networks." He added: "The acquisition is equivalent to five years of organic growth."

"This acquisition marks a key milestone in InPost's strategy to revolutionize the UK delivery market, while strengthening the group's pan-European presence," said Rafal Brzoska in a statement, emphasizing that the UK represents a market with "very strong potential" for InPost.

The company expects the transaction to have an accretive effect on EBITDA within one year.

The announcement comes a few months after the acquisition of Menzies Distribution in October 2024, which gave InPost full control of its logistics chain in the UK.

When asked at a press conference about a possible expansion into the German market, Brzoska ruled out this possibility in the short term. However, he acknowledged that, under certain conditions, Germany could become "the most attractive and interesting market" for InPost in the future.

In addition, the executive believes that US customs duties could have a positive effect on volumes from Asia, particularly from China to Europe.