GDANSK, April 17 (Reuters) - Parcel locker company InPost said on Thursday that it had acquired Yodel, one of Britain's biggest parcel delivery firms, in 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 retaining a minority stake of 4.5%.
The acquisition 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 (APMs) and 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," InPost CEO Rafal Brzoska said in the statement. He added that Britain was a market where InPost sees "enormous opportunity" for growth.
The acquisition was structured as a debt-to-equity conversion, with InPost converting its existing loan to JLL into equity. Until the closing date, InPost had provided JLL with financing amounting to 106 million pounds ($140 million) in the form of convertible loan notes.
($1 = 0.7572 pounds)
Reporting by Adrianna Ebert, editing by Milla Nissi
Source: Reuters