GXO set to buy Clipper Logistics for $1.3bn
Clipper Logistics and GXO Logistics have announced that they have reached agreement on the key terms of a possible cash and share offer for Clipper by GXO.
GXO has said that it is committed to protect and build on Clipper’s entrepreneurial approach for the benefit of both companies and their employees.
The pure-play logistics company agreed to an offer for Clipper Logistics of 920 pence ($1.25) per share, or roughly $1.3 billion, (£940 million).
For the year ended 30 April 2021, Clipper generated revenue of £696 million, underlying EBITDA of £43 million on an IAS 17 basis and £82 million on an IFRS 16 basis, underlying EBIT of £31 million on an IAS 17 basis and £40 million on an IFRS 16 basis. As at 31 October 2021, Clipper had net debt of £11 million on an IAS 17 basis.