Malcolm Wilson, CEO of GXO, expressed satisfaction with the acquisition, stating it positions GXO as a global logistics leader.
“We are very pleased to complete this valuable acquisition for our company, which advances our position as the global pure-play logistics leader, and we look forward to welcoming Wincanton’s high-quality team to GXO.
"By combining Wincanton’s footprint and proven expertise in the UK and Ireland with our global reach and transformative technology, we can provide a wider range of services to new and existing customers across geographies – and accelerate our long-term growth trajectory.”
The completion of the acquisition process brings closure on a an extensive bidding war for Wincanton plc. After initially endorsing an offer from French multinational CEVA Logistics – a subsidiary of the CMA CGM group – for £567 million, Wincanton gave the green light to GXO's proposal.
The bidding war erupted when GXO entered the competition, prompting CEVA to raise its bid to £4.80 per share. Subsequently, GXO topped the bidding with an offer of £6.05 per share, representing a 26% increase over CEVA's proposal. Wincanton announced its unanimous recommendation of GXO's offer to shareholders in March.
The acquisition is expected to generate value for stakeholders by offering a broader range of services and expanding GXO's customer base in key sectors like aerospace, utilities, industrial, and healthcare.
Most of Wincanton's directors resigned upon the scheme becoming effective except Wincanton executive directors James Wroath and Tom Hinton, who will remain on the Wincanton Board.
GXO and Wincanton will continue to be run independently until the UK Competition and Markets Authority (CMA) has completed its review.