XPO Logistics to buy Norbert Dentressangle

The transaction is valued at US$3.53 billion and is expected to close in the second quarter of 2015.

Bradley Jacobs carrier contract logistics freight brokerage Norbert Dentressangle trucks XPO Logistics

XPO Logistics is set to buy a majority interest in France-based logistics company Norbert Dentressangle and launch a tender offer for the remaining shares.

Headquartered in Lyon, Norbert Dentressangle has 662 locations and approximately 42,350 employees.

In a statement released on 28 April, XPO said that Norbert Dentressangle’s transportation and logistics services complement XPO’s offerings in contract logistics, freight brokerage and global forwarding.

The total transaction value is approximately €3.24 billion, including €1.08 billion of net debt. The board of directors of XPO and the supervisory board of Norbert Dentressangle have unanimously approved the transaction.

Company founder Norbert Dentressangle will be selling his family’s 67 per cent stake to XPO at an agreed price of €217.50 per share, which is a premium of 34 per cent compared to the closing price on Monday (27 April).

Once antitrust clearances have been received, XPO will launch an all-cash simplified tender offer to acquire the remaining outstanding shares of Norbert Dentressangle at the same price.

Hervé Montjotin, chairman of the executive board and chief executive officer of Norbert Dentressangle, will serve as chief executive officer of XPO’s European business and president of the parent company. XPO intends to maintain the European headquarters of Norbert Dentressangle in Lyon. The company added that it “also intends to maintain the headquarters and centre of decision of Norbert Dentressangle’s European logistics business in France, as well as Norbert Dentressangle’s transportation business in the department of Drôme”.

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