GXO’s takeover of Clipper Logistics has been completed with the entire issued and to be issued share capital of Clipper now owned by GXO. Following this, Clipper has applied to the Financial Conduct Authority to de-list its shares from the premium listing segment. Clipper shares will stop trading on LSE’s main market for listed securities on 25th May.
Malcolm Wilson, CEO, had said that the deal would provide a one of a kind growth opportunity which would extend GXO’s presence in key areas, including Germany and Poland and would also help accelerate the expansion of GXO Direct to Europe.
The sale has netted Clipper founder Steve Parkin more than £100m and some £25m in GXO shares.