XPO Logistics moving head with planned GXO Logistics spin-off
XPO Logistics has filed a public Form 10 registration statement with the US Securities and Exchange Commission to support its planned spin-off of GXO Logistics, which it hopes to complete in the third quarter of 2021.
The plan is to make GXO a separate publicly traded company, trading on the New York Stock Exchange.
Brad Jacobs, chairman and chief executive officer of XPO Logistics, said: “GXO’s Form 10 public filing is a key step forward in our spin-off plan. The separation will create two pure-play powerhouses in the supply chain industry, XPO in transportation and GXO in logistics, each with enhanced prospects for growth.”
Malcolm Wilson, chief executive officer of XPO Logistics Europe and planned CEO of GXO, added: “GXO will have accelerated momentum out of the gate as an independent company, as reflected in the strong 2022 guidance we issued today. Our growth is being driven by customer demand for outsourcing and for two areas of logistics where we hold leading positions — warehouse automation and e-commerce.”
Meanwhile, XPO also reported that it has increased its expectation for Q2 2021 adjusted EBITDA to at least $490 million, driven by stronger-than-expected performance in its transportation segment. Consequently, the company has increased its outlook for full year 2021 adjusted EBITDA to at least $1.845 billion to $1.895 billion, compared with the prior guidance of $1.825 billion to $1.875 billion.
XPO plans to hold an Investor Day to discuss the GXO spin-off on 13 July in New York, and in London on a date to be announced as air travel restrictions allow.
The Form 10 and supplementary financial information are available on the company’s website at xpo.com/investors.