Austrian Post has completed its acquisition of 100% of Serbia’s D Express, creating the country’s largest parcel-delivery group and setting the stage for a gradual integration with its Serbian subsidiary City Express. The transaction was completed after receiving approval from Serbia’s competition authority. The purchase price was not disclosed.
D Express and City Express will initially continue cooperating as separate operations, while Austrian Post gradually combines their infrastructure and operating capabilities into a single company. Austrian Post said the completed acquisition establishes it as the market leader in Serbia’s parcel business and will be followed by additional investment in the combined operation.
D Express adds nationwide delivery infrastructure
D Express handled approximately 14 million parcels in 2025 and recorded revenue of around €36 million. The company employs approximately 1,300 people and operates about 800 vehicles. Its infrastructure includes a logistics centre in Belgrade, 27 delivery bases, 35 parcel shops and more than 300 parcel lockers.
City Express has been wholly owned by Austrian Post since 2007 and provides domestic and international delivery services. Combining the two businesses gives Austrian Post a larger platform for consolidating parcel volumes, delivery infrastructure and last-mile operations across Serbia.
E-commerce raises logistics investment requirements
The acquisition comes as Serbia’s parcel market responds to rising online shopping and changing delivery requirements. Customers increasingly expect faster deliveries, real-time shipment tracking, automated collection points and flexible returns, increasing investment requirements for courier companies. Traditional networks based on vehicles and delivery depots are increasingly being supplemented by automated sorting systems, digital logistics platforms and wider parcel-locker networks.
Many of those assets involve significant fixed costs, making the scale of parcel volumes an important factor in investment economics. The integration of D Express and City Express will allow Austrian Post to apply technology and infrastructure investment across a larger parcel base while reducing duplication between the two networks. Austrian Post has said it intends to make targeted investments following the acquisition.
Parcel lockers expand last-mile capacity
D Express’s network of more than 300 parcel lockers represents a substantial part of its existing delivery infrastructure. Automated collection points allow multiple parcels to be delivered to one location and reduce the need for repeated home-delivery attempts. They also provide customers with access to parcels without requiring them to be present when a courier arrives.
Greater utilisation of the existing locker network could therefore support delivery operations as e-commerce volumes increase. A larger combined parcel network could also facilitate further investment in lockers by providing a broader volume base across which infrastructure costs can be distributed.
Serbian operation strengthens regional network
The acquisition also expands Austrian Post’s position in Central and Southeast Europe. The group already operates parcel businesses in several markets in the region, providing a potential framework for integrating Serbian deliveries into a wider cross-border logistics network. The development is relevant to Serbian online retailers selling into foreign markets as well as international e-commerce platforms delivering to Serbian customers.
A logistics operator with networks on both sides of national borders can provide cross-border fulfilment through an integrated regional platform. For Serbian companies, this could provide access to regional delivery services without requiring separate logistics arrangements for individual markets. Serbia’s geographic position also gives the combined operation relevance beyond domestic parcel deliveries, with Belgrade located on transport routes connecting Central Europe with the Western Balkans, Bulgaria, Greece and Turkey.
Consolidation raises infrastructure requirements
The acquisition does not remove competition from Serbia’s courier market, but the enlarged D Express-City Express operation will have substantial delivery capacity, nationwide coverage and the backing of a listed European postal and logistics group. Competitors will continue to compete through pricing, delivery speed, technology, specialised services and parcel-locker networks.
The transaction could lead to further investment across the wider sector and potentially increase acquisition interest in smaller Serbian logistics companies if larger operators seek to obtain established delivery networks rather than build national coverage organically.
Integration will determine operating model
Austrian Post’s next stage is the gradual integration of the two Serbian companies. The group will need to coordinate depots, vehicles, technology systems and parcel infrastructure while maintaining delivery performance and identifying areas where the existing networks overlap. The integration is planned as a gradual process, meaning potential network and cost synergies are expected to develop over time.
Employment will also form part of the integration process, with D Express alone employing approximately 1,300 people, while overlapping functions may emerge as the two operations are combined. Austrian Post is therefore seeking to use the larger combined platform not only to consolidate existing operations but also to support additional parcel volumes and service expansion.
