GXO Logistics Inc. (NYSE: GXO) (“GXO”), a Greenwich-based contract logistics provider, is acquiring PFSweb Inc. (NASDAQ: PFSW), an Irving, Texas-based e-commerce order fulfillment provider, in a transaction valued at approximately $181 million.
GXO, through a subsidiary, will acquire all outstanding shares of PFSweb at $7.50 per share in cash. The consummation of the tender offer will be subject to certain conditions, including the tender of at least a majority of the outstanding shares of PFSweb common stock, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. When the transaction is concluded, PFSweb will be removed from the Nasdaq Stock Exchange and operate as a division within GXO.
“Joining GXO represents a strong strategic next step for PFS, as well as a valuable conclusion to our strategic alternatives process,” said Mike Willoughby, CEO of PFSweb. “Since completing the sale of our LiveArea business to Merkle, we have worked diligently to strengthen PFS”™ operational efficiency and multi-node fulfillment network. This transaction is a testament to the success of these efforts, as well as the world-class quality of our team and client base and we believe PFS will be a fruitful addition to GXO”™s extensive platform.”
Malcolm Wilson, CEO of GXO, added: “PFS”™s platform, vertical expertise and geographic concentration make it an ideal fit for GXO. Like GXO, the PFS team has established themselves as a trusted partner for some of the world”™s most iconic brands and this combination will complement and expand GXO”™s capabilities for new and existing customers. We are very excited to bring the PFS team onboard and look forward to driving additional GXO shareholder value through disciplined capital allocation and continued investment in high growth opportunities.”
