(Reuters) -Poland's InPost said on Monday it would buy a minority stake in a parcel locker network provider Bloq.it along with more than 20,000 of its locker units as it aims to bolster its last-mile
InPost Acquires Minority Stake in Bloq.it to Expand European Reach
(Reuters) -Poland's InPost said on Monday it would buy a minority stake in a parcel locker network provider Bloq.it along with more than 20,000 of its locker units as it aims to bolster its last-mile offering in Europe.
WHY IT'S IMPORTANT
InPost has built up its dominant position in its home market Poland and in recent years has been accelerating its expansion abroad. The Bloq.it deal follows acquisitions of Spanish delivery company Sending in July and Yodel in Britain earlier this year.
KEY QUOTES
"Our strategic investment in Bloq.it is a game-changer for our European expansion ... We expect this to have a positive impact on our growth trajectory and long-term profitability," InPost founder and CEO Rafał Brzoska said in a statement.
CONTEXT
InPost said it would install the battery-operated lockers in its key European markets over the next five years. The first units were set up in France and Britain in July, with new locations in Italy, Portugal and Spain to be added by the end of the year, it added.
It operates more than 88,000 out-of-home delivery points in nine European countries, including more than 54,000 of its automated parcel lockers, or APMs, that allow customers to collect or drop off packages when it suits them.
(Reporting by Anna Pruchnicka in Gdansk, editing by Milla Nissi-Prussak)
