XPO Logistics completes Norbert purchase
XPO Logistics has completed the purchase of a 67 per cent interest in Norbert Dentressangle SA moving it into the top ten of global logistics providers.
Rebranding of the business is already starting with Dentressangle trucks being repainted to announce: #WeAreXPO.
Having bought out founder Norbert Dentressangle, XPO will now offer to buy out the remaining shareholders at €217.50 per share. The deal values Dentressangle at £2.3bn ($3.5bn).
The expanded business will have sales of £6bn (9.2bn) and employ 52,000 people at 850 locations in 27 countries. In the UK, Dentressangle has sales of some £1.3bn
Hervé Montjotin, Europe CEO and president of XPO Logistics and chairman of the management board of Norbert Dentressangle SA, said: “We are very pleased to confirm the closing of the transaction announced in April. Thanks to the speedy completion of this acquisition, we can begin our integration as part of XPO Logistics without delay and fully commit to an ambitious business development plan, supported by a broader service offering and an expanded capacity for innovation”.
Last week, XPO raised $1.26 billion in equity to fund the takeover, as well as setting out plans to raise $2bn in debt finance.
XPO is based in Greenwich, Connecticut, USA, and its European headquarters is in Lyon, France. It was founded as Express-1 in 1989. In 2011 a new leadership team took over and since then it has grown rapidly, taking over more than a dozen companies in the United States.
Revenue last year was $2.4bn (£1.6bn) – a 235.6 per cent increase from 2013. However, it produced a net loss of $63.6m (£41.4m) against $48.5m (31.6m) in 2013.