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Robert.Jervis_43227 May 24

GXO achieves key milestone in acquisition of Clipper Logistics plc

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Announces completion of cash and stock offer, providing certainty to customers and employees
GXO Logistics the world's largest pure-play contract logistics provider, has announced that it has completed its cash and share offer for Clipper Logistics plc.

GXO Chief Executive Officer Malcolm Wilson, said:

"We are very pleased to achieve this important milestone. Through this powerful combination, GXO will accelerate our business growth and enhance the value we bring to all stakeholders by providing enhanced offerings to a diversified and expanded customer base. We're very much looking forward to welcoming the Clipper team to GXO and believe our complementary capabilities and offerings in high growth areas, shared focus on innovation and technology, and great cultural fit will enhance our position as a leading pure-play logistics firm."

As is customary in such circumstances, GXO and Clipper Logistics will continue to be run independently until the U.K. Competition and Markets Authority (CMA) has completed its review, which is expected later in 2022.

The transaction, announced on February 28, 2022, brings together two logistics industry leaders with highly complementary service offerings, customer portfolios, and footprints in the United Kingdom and Europe.

Clipper adds geographic presence in Germany and Poland, as well as presence in life sciences and reverse logistics and returns management, which are key growth areas for GXO. The combination also enhances GXO's ESG leadership position, by adding Clipper's developed reverse logistics and circular economy offerings and its robust internal targets to minimize carbon emissions and waste. The company expects to realize significant productivity opportunities and cost synergies within two years from transaction close