XPO Logistics has completed its spinoff of GXO Logistics, according to XPO Chairman and CEO Brad Jacobs.
The previously announced move creates two independent, publicly traded companies. XPO is a provider of freight transportation services, primarily less-than-truckload transportation and truck brokerage services. GXO is being billed as “the largest pure-play contract logistics provider in the world.” Both are based in Greenwich.
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.”
“With the timely completion of our spin-off, XPO and GXO are moving forward with powerful momentum as independent public companies,” Jacobs commented. “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. GXO shares were distributed at 12:01 a.m. Eastern Time Aug. 2 and intended to be tax-free to XPO stockholders for U.S. federal income tax purposes.
Goldman Sachs & Co. LLC acted as financial adviser and Wachtell, Lipton, Rosen & Katz acted as legal adviser in connection with the separation.
In addition, XPO has appointed four new board members, replacing directors who resigned from its board to join the GXO board. They are:
- Jason Aiken, chief financial officer of General Dynamics Corp. and former CFO of Gulfstream Aerospace Corp.
- Mary Kissel, executive vice president and senior policy adviser with Stephens Inc. and former senior adviser to ex-U.S. Secretary of State Mike Pompeo.
- Allison Landry, former senior transportation research analyst with Credit Suisse, covering the trucking, railroad, airfreight and logistics industries.
- Johnny C. Taylor Jr., CEO of the Society of Human Resources Management and former senior executive with IAC/Interactive Corp., Viacom’s Paramount Pictures and Blockbuster Entertainment Group.
