What's Next for GXO Logistics After the Clipper Acquisition
Just three months after GXO Logistics (NYSE: GXO) announced it had agreed to a $1.3 billion deal to take over U.K.-based Clipper Logistics, the financial part of the transaction is now complete.
GXO said Tuesday that it had completed the transaction, though U.K. law requires that the two companies must be run independently for an intervening period until the U.K. Competition and Markets Authority can complete its review. In an interview with The Motley Fool, CEO Malcolm Wilson said he was hopeful that GXO will clear that final hurdle by September.
With its takeover of Clipper Logistics, GXO has wasted little time in pursuing the mergers-and-acquisition strategy that investors expected when it split from XPO Logistics (NYSE: XPO) last August. Part of the justification for the spin-off was so that both companies could pursue acquisitions that were in each company's own interest, and that's exactly what GXO is doing here.
Source Fool.com
