XPO Logistics completes spin-off of GXO Logistics
XPO Logistics, Inc. has announced that it has completed the previously announced spin-off of GXO Logistics, Inc., creating two independent, publicly traded companies.
XPO is a provider of freight transportation services, primarily less-than-truckload transportation and truck brokerage services, and GXO is the largest pure-play contract logistics provider in the world. XPO shares will continue to trade on the New York Stock Exchange under the symbol “XPO” and, effective today, GXO will begin “regular way” trading on the NYSE under the symbol “GXO.”
Brad Jacobs, chairman and chief executive officer of XPO Logistics, said, “With the timely completion of our spin-off, XPO and GXO are moving forward with powerful momentum as independent public companies. I want to thank the many people whose work over the past eight months has made this initiative a reality. We’ve given both businesses a clear line of sight to unlocking their full potential.”
The separation was completed through a distribution to XPO stockholders of one share of GXO common stock for every one share of XPO common stock held as of the close of business on the record date for the distribution, July 23, 2021. GXO shares were distributed at 12:01 a.m. Eastern Time on August 2, 2021 in a distribution that is intended to be tax-free to XPO stockholders for U.S. federal income tax purposes.
Goldman Sachs & Co. LLC acted as financial advisor and Wachtell, Lipton, Rosen & Katz acted as legal advisor in connection with the separation.