US-based XPO Logistics and Norbert Dentressangle SA today (29 April) announced that they have entered into a definitive agreement for XPO Logistics to acquire a majority interest in Norbert Dentressangle, and launch a tender offer for the remaining shares.
The market value of the transaction for Norbert Dentressangle shareholders is €2.17bn, based on 9.9m fully-diluted outstanding shares.
The total transaction value is approximately €3.24bn, including €1.08bn of net debt, the groups revealed in a statement.
The board of directors of XPO and the supervisory board of Norbert Dentressangle have unanimously approved the transaction, and the transaction is subject only to receipt of antitrust clearances in the United States and Germany.
Following the closing, XPO will rebrand the acquired operations under the single global name XPO Logistics. The company expects to have combined scale of approximately 52,350 employees at 863 locations in 27 countries.
Hervé Montjotin, chairman of the executive board and chief executive officer of Norbert Dentressangle, will serve as chief executive officer of XPO’s European business and president of the parent company.
Headquartered in Lyon, France, Norbert Dentressangle has 662 locations and approximately 42,350 employees, and serves a customer base that includes some of the world’s largest companies.
XPO Logistics facilitates more than 37,000 deliveries a day as one of the fastest growing providers of transportation logistics services in North America, and is based in Greenwich, Connecticut.
