Logistics provider GXO Logistics has completed its cash and share offer for Clipper Logistics, following the court sanction of the scheme of arrangement two business days prior to this announcement.
As is customary in such circumstances, GXO and Clipper Logistics will continue to be run independently until the UK Competition and Markets Authority (CMA) has completed its review, which is expected later in 2022. The Polish Office of Competition and Consumer Protection (Prezes Urzędu Ochrony Konkurencji i Konsumentów) approved the acquisition earlier in May 2022.
The transaction is expected to improve each company’s service offerings, customer portfolios and footprints in the UK and Europe. Clipper adds geographic presence in Germany and Poland, as well as a presence in life sciences, reverse logistics and returns management, which are targeted growth areas for GXO. The acquisition is also intended to improve GXO’s ESG position by adding Clipper’s reverse logistics and circular economy offerings and its robust internal targets to minimize carbon emissions and waste. Overall, the company expects to realize productivity opportunities and cost synergies within two years from transaction close.
Malcolm Wilson, CEO of GXO, said, “We are very pleased to achieve this important milestone. Through this powerful combination, GXO will accelerate our business growth and enhance the value we bring to all stakeholders by providing enhanced offerings to a diversified and expanded customer base. We’re very much looking forward to welcoming the Clipper team to GXO and believe our complementary capabilities and offerings in high-growth areas, shared focus on innovation and technology, and great cultural fit will enhance our position as a leading pure-play logistics firm.”