GXO Logistics reports CMA clears acquisition of Wincanton with conditions
GXO Logistics (GXO) announced that the UK Competition and Markets Authority has cleared GXO's acquisition of Wincanton subject to the divestment of a small number of Wincanton grocery contracts in the UK, and that integration will be permitted with the vast majority of the Wincanton business once certain administrative conditions are met. The company also announced that it is raising full-year guidance on organic revenue growth, adjusted EBITDA and adjusted diluted EPS. Malcolm Wilson, Chief Executive Officer of GXO, said, 'We are pleased to have the UK regulatory review concluded and are excited to bring the two businesses together. The combination of GXO and Wincanton will enhance GXO's offering for customers across the UK and Ireland and bring presence in strategic verticals that will serve as a springboard for growth. We are well positioned to move forward swiftly and look forward to welcoming the Wincanton team to GXO.' Integration is expected to commence in the third quarter and the teams are permitted to collaborate on specified ongoing aerospace and defense tenders in the UK effective immediately. No further regulatory reviews are required, the company stated.
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