GXO: We are very pleased to complete this valuable acquisition for our company
GXO Logistics, Inc. announced that it has completed its acquisition of Wincanton plc. All conditions of the acquisition have been met and GXO is now the sole shareholder of Wincanton.
On May 13, 2024, Wincanton shareholders will be sent consideration of 605 pence for each Wincanton share held by those shareholders at the scheme record time (6:00 p.m. BST on 26 April 2024), excluding shares held by or on behalf of GXO or held in treasury. As is customary, GXO and Wincanton will continue to be run independently until the U.K. Competition and Markets Authority (CMA) has completed its review.
GXO Chief Executive Officer Malcolm Wilson, said: “We are very pleased to complete this valuable acquisition for our company, which advances our position as the global pure-play logistics leader, and we look forward to welcoming Wincanton’s high-quality team to GXO. By combining Wincanton’s footprint and proven expertise in the UK and Ireland with our global reach and transformative technology, we can provide a wider range of services to new and existing customers across geographies – and accelerate our long-term growth trajectory.”
GXO expects to create significant value for all stakeholders by allowing new and existing customers to benefit from a broader range of services and capabilities across an expanded global platform. The acquisition will expand GXO’s offering and customer base in several key strategic growth sectors in the UK, including Aerospace, Utilities, Industrial, and Healthcare. Additionally, the complementary infrastructure and offerings will enable GXO to manage the combined company more efficiently, resulting in greater productivity and lower costs for the benefit of customers. As a result of complementary service offerings, customer portfolios and footprints, the Company expects to realize additional growth opportunities. GXO expects that the combination will lead to full annual net run-rate cost synergies of £45m (pre-tax) by the third year of integration.
Additional information on the transaction can be found on the dedicated transaction microsite at https://gxo.com/information-regarding-cash-offer-for-wincantonplc.
