XPO Logistics, Inc. announced the filing of a public Form 10 registration statement with the U.S. Securities and Exchange Commission in connection with the planned spin-off of RXO, its tech-enabled brokered transportation platform. The filing is linked on the XPO and RXO websites. XPO expects to complete the spin-off in the fourth quarter.
Brad Jacobs, chairman and chief executive officer of XPO Logistics, said, “Our Form 10 public filing is a key step forward in the process of creating two publicly traded transportation powerhouses. RXO will be the fourth largest US truckload broker, with complementary asset-light services, and XPO will be a leading provider of less-than-truckload transportation in North America, with a European transportation business that we plan to divest.”
Drew Wilkerson, XPO president, North American transportation and incoming chief executive officer of RXO, said, “As an independent brokerage pure-play with massive capacity and cutting-edge technology, RXO will spin off in a strong position to create value for our stakeholders. We’ll have a distinct investment identity, powerful growth levers and a track record of best-in-class truck brokerage performance.”
To assist with the spin-off process, XPO has retained BofA Securities, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC as its financial advisors; and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Wachtell, Lipton, Rosen & Katz as its legal advisors.
The world economy in 2024 is expected to outperform previous projections according to Goldman Sachs Research, with worldwide GDP forecasted to expand to 2.6% next year...View Article
Industry updates and weekly newsletter direct to your inbox!