GXO Gets UK Regulatory Clearance for Clipper Acquisition
[Stay on top of transportation news: Get TTNews in your inbox.]
GXO Logistics Inc. has received unconditional regulatory clearance in the United Kingdom to acquire Clipper Logistics, the contract logistics provider announced Oct. 4.
The U.K. Competition and Markets Authority authorized the deal, allowing it to go forward. Both companies have been awaiting completion of the regulatory review since the offer was completed May 24. GXO has previously stated the deal will accelerate its growth opportunities and enhance value for its stakeholders.
“GXO and Clipper are both industry leaders and together, we’re even stronger,” GXO CEO Malcolm Wilson said. “As one company, we expect to accelerate growth by expanding our geographic presence in key markets and verticals, bolstering our roster of blue-chip customers and enhancing the breadth of innovative warehouse capabilities we provide.”
GXO operated more than 900 facilities globally and had 120,000 team members prior to the acquisition. The acquisition will add more than 50 sites and 10,000 team members to that portfolio. It will also add a geographic presence in Germany and Poland. GXO also noted the deal would enhance its expertise in the life sciences sector as well as premium services like reverse logistics and repairs.
“We share a commitment to ESG [environmental, social and governance], providing an exceptional customer experience and harnessing technology to improve efficiency, productivity and employee safety,” Wilson said. “Being a great fit culturally will underpin our future success and make for a seamless integration.”
We're proud to announce we received UK regulatory clearance for our acquisition of Clipper Logistics. #TeamClipper is now part of GXO!
Read the releasehttps://t.co/8sadPz9ywS pic.twitter.com/aFR9gxyiN9 — GXO (@GXOLogistics) October 4, 2022
GXO Logistics ranks No. 6 on the Transport Topics Top 100 list of the largest logistics companies in North America. — Transport Topics
Want more news? Listen to today's daily briefing below or go here for more info: