FedEx’s decision to invest in InPost, a European e-commerce focused parcel carrier specializing in out-of-home last-mile delivery, will enable the U.S. integrated logistics giant to improve network utilization by outsourcing lower density B2C volumes to InPost, freeing capacity within FedEx’s system to prioritize higher margin B2B volumes that are core to the company’s growth strategy, executives said Thursday.
FedEx on Monday said it would acquire a 37% stake in InPost for about $2.6 billion and establish arms-length operating partnerships giving FedEx (NYSE: FDX) access to InPost’s large network of parcel lockers in Western Europe and lowering its cost to serve compared to residential door delivery. Other investors are contributing to the deal, which is valued at $9.2 billion and would make InPost a private company.
Analysts say InPost has perfected the parcel locker model at scale in Europe. The company operates a network of 61,000 parcel lockers and more than 34,000 pick-up/drop-off points in several countries to support more than 100,000 e-commerce sellers, along with doorstep service.
Out-of-home delivery is becoming a core delivery method in Europe, where it is growing in popularity among consumers who like the convenience of parcel vending machines, while also resulting in lower carbon emissions and lower operating costs for couriers.
InPost has been rapidly growing its footprint through a series of acquisitions in the United Kingdom, France, Spain and Italy, while remaining highly profitable. During the first nine months of 2025, the Poland-based carrier produced adjusted operating margins of 29%. InPost delivered about 1.4 billion parcels last year, an increase of 25% from 2024.
“While high value B2B verticals are a core priority within our profitable growth strategy, our commitment to providing excellent service to consumers around the world remains unchanged. InPost has a strong presence and highly profitable track record in Europe’s out of home delivery segment, complementing our strategy well,” FedEx CEO Raj Subramaniam said during an Investor Day presentation to outline the future direction of the company. “We see a clear path to improving the efficiency of B2C last-mile operations, enhancing returns and better serving our global customers across Europe.”
The relationship will also enable InPost customers to benefit from the global reach of FedEx’s global air and ground network.
FedEx in recent years has deemphasized low-margin B2C business and management reiterated Thursday that premium e-commerce is one of its focus areas.
InPost will allow FedEx to profitably participate in B2C shipping without undercutting strategic priorities.
“Bigger picture, investing in InPost is a direct lever to help improve the financial performance of our European operations. It will allow us to participate strategically in the rapid growth of out- of- home parcel delivery across key European markets, taking a specialized approach to B2C growth on top of our ongoing focus on growing B2B high value verticals,” Subramaniam said.
The FedEx consortium will provide InPost more resources to fuel its accelerated growth strategy, including further expansion of its parcel locker network in existing markets, InPost executives said in teleconference with analysts on Monday.
“There is a clear runway to expand the model and reach more customers across Europe, including markets that remain underpenetrated today,” added Wouter Roels, FedEx’s regional president of Europe. “The model is scalable. More density drives higher utilization and that supports stronger economics over time.”
The deal is expected to close in the second half of the year, subject to shareholder and regulatory approval. FedEx said the deal will be accretive to earnings within a year.
Fadi Chamoun, transportation analyst for Bank of Montreal Capital Markets, questioned FedEx’s need for an ownership stake in InPost, saying in a research note this week that FedEx could realize the efficiency benefits simply through commercial arrangements with the European delivery company.
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