European haulage and logistics giant, Norbert Dentressangle, has been acquired in a deal worth €3.24bn by US-based XPO Logistics, which – until now – has had no presence in Europe.
Norbert Dentressangle has 662 locations and approximately 42,350 employees. The UK was recently named as one its most important markets.
The founder Norbert Dentressangle, after whom the business is named, is selling his family’s 67% stake to XPO at an agreed price of €217.50 per share. Assuming the deal is not hampered by antitrust laws in the US and Germany, XPO will make an all-cash offer to buy the remaining shares at the same price. Whereupon the name Norbert Dentressangle will disappear to be replaced by the XPO Logistics brand.
Once it has 95% of the Group’s shares, XPO will move to delist the shares, effectively squeezing out minority shareholders.
The acquisition gives XPO access to Europe’s largest fleet network – of around 10,000 trucks (owned directly or through owner-drivers), and an additional 12,000 independent carriers.
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.