GXO Logistics Plans to Buy U.K.’s Clipper for About $1.3 Billion
Haulage trucks at a distribution warehouse operated by GXO Logistics near Derby, U.K.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
GXO Logistics Inc. reached a preliminary agreement to buy Clipper Logistics Plc for about 943 million pounds ($1.28 billion) in a deal that would combine two global supply-chain management giants.
Greenwich, Connecticut-based GXO’s offer is currently valued at 920 pence a share for Clipper, with 690 pence in cash and the rest in new GXO shares, the companies said in a statement Sunday. London-based Clipper said its board would unanimously recommend the offer to shareholders.