XPO Logistics has entered into a definitive agreement to acquire contract logistics, freight brokerage and transportation provider Norbert Dentressangle in a deal worth €3.24bn.
The acquisition will more than triple XPO Logistics’ pre-tax earning to approximately $545m and increase its revenue to approximately $8.5bn, the US-based company said. The agreed price per share is quoted as €217.50, with 67% of the company’s outstanding shares being held by the Dentressangle family.
XPO Logistics also revealed that, following completion of the deal later this year, Norbert Dentressangle chief executive officer Hervé Montjotin will serve as chief executive officer of its European business and president of the parent company.
Hervé Montjotin said: “By joining XPO, we will become part of an organisation that shares the ambition that has guided us since the creation of Norbert Dentressangle 36 years ago: to become a global partner able to effectively support our customers in the management of their supply chains. As XPO’s platform for growth in Europe, we can continue to pursue this goal on an even larger scale, to the benefit of our customers and employees. I am proud to lead this growth for XPO, together with the current management board.”
XPO Logistics chairman and chief executive officer Bradley Jacobs said: “The acquisition of Norbert Dentressangle is a major leap forward, but we’re still in the early innings of our long-term growth plan. “In Norbert Dentressangle, we are acquiring a company that has been meticulously built over the last four decades. I am extremely pleased that Norbert Dentressangle’s executive leader, Hervé Montjotin, will serve as chief executive officer of our European business and president of the parent company. I look forward to working closely with Hervé as we execute XPO’s global strategy.”
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