Poland-based parcel locker company InPost said it has acquired Liverpool-based delivery firm Yodel — a move that will make the Polish firm the third-largest independent logistics player in the UK.

InPost has acquired 95.5% of the share capital of Yodel’s parent Judge Logistics (JLL), with PayPoint 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. InPost had provided JLL with financing amounting to £106 million in convertible loan notes.

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

Brzoska said: “This acquisition marks a pivotal milestone in InPost’s journey to revolutionise the UK delivery market, as well as the group pan-European presence.

“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.”