XPO Logistics, a leading global provider of transport and logistics solutions, today announced the identity of the new company that has been created in connection with the planned spin-off of XPO’s logistics business. The company is named GXO Logistics, Inc. and will go to market with the tagline “Logistics at full potential.” The company made its debut with a video introduction that showcases its logo and message.
Brad Jacobs, chairman and chief executive officer of XPO Logistics, said, “Today, we took an exciting step forward on our path to spinning off our logistics segment. The new company is called GXO — three letters that stand for the game-changing opportunities we’re bringing to the table for customers, employees and shareholders, with a nod to our XPO heritage. GXO will take this legacy into the future as an independent public company, with countless ways to deliver logistics at full potential.”
Fueled by years of investment in technology as part of XPO, GXO will be in a strong position to capitalise on the logistics industry’s predominant secular tailwinds: the growth in e-commerce and omnichannel retail, fast-growing customer demand for automation and digital capabilities, and a shift toward outsourcing supply chain services. GXO will have an undiluted focus on its strategic priorities and blue-chip customer base, with a standalone equity currency to create long-term value for its stakeholders.
“The new company’s brand identity captures the qualities that make us an industry leader — our ability to deliver faster, leaner, smarter logistics for customers at lower cost, using advanced automation and data science,” said Malcolm Wilson, XPO’s chief executive officer – Europe, who has been named to become CEO of GXO. “I’m looking forward to leading our global team to the many new opportunities in our future.”
In December 2020, XPO announced its intent to spin off the logistics segment of its existing business and create two pure-play industry powerhouses focused separately on transportation and logistics. Post-separation, XPO will remain a global provider of freight transportation, primarily less-than-truckload and truck brokerage, and GXO will be the second-largest contract logistics provider in the world. Usage of the new company name, logo and other brand components will become effective upon the completion of the spin-off.
Files Confidential Form 10
XPO further announced that it has filed a confidential initial Form 10 registration statement with the US Securities and Exchange Commission for the planned spin-off of its logistics business. The filing represents another significant milestone in the process required to complete the transaction, which the company continues to expect will take place in the second half of 2021.
The transaction is subject to various conditions, including the effectiveness of the Form 10 registration statement, receipt of a tax opinion from counsel, the refinancing of XPO’s debt on terms satisfactory to the XPO board of directors, and final approval by the XPO board of directors. There can be no assurance that a separation transaction will occur or, if one does occur, of its terms or timing.
XPO has retained Goldman Sachs & Co. LLC as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal advisor to assist with the spin-off process.
About XPO Logistics and XPO Logistics Europe
XPO Logistics, Inc. (NYSE: XPO) provides cutting-edge supply chain solutions to the most successful companies in the world. The company is the second-largest contract logistics provider and the second-largest freight broker globally, and a top three less-than-truckload provider in North America. XPO uses a highly integrated network of 1,629 locations and over 100,000 employees in 30 countries to help more than 50,000 customers manage their supply chains most efficiently. The company’s corporate headquarters are in Greenwich, Connecticut, USA, and its European headquarters are in Lyon, France. XPO conducts the majority of its European operations through its subsidiary, XPO Logistics Europe, which trades under the stock symbol XPO on Euronext Paris – Isin FR0000052870.