XPO gives birth to GXO
US-headquartered XPO Logistics has created an umbrella spin-off of the group’s logistics business. The new company is to be named GXO Logistics. Brad Jacobs, current chairman and CEO of XPO Logistics, emphasised that the group's recent investments in technology have launched GXO in a strong position.
Malcolm Wilson, XPO’s CEO Europe based in Lyon (France), will lead the new firm as CEO. Already in December 2020, XPO had announced its intent to spin off the logistics segment of its existing business and create two separate entities for transportation and logistics.
With this strategy, XPO will remain a global provider of freight transportation, primarily less-than-truckload and truck brokerage, and GXO will offer contract logistics services. Operations are expected to start in the second half of 2021.
XPO has retained Goldman Sachs as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal advisor to assist with the spin-off process. (sh)