Transport Topics (December 3, 2020)
XPO Logistics has announced plans to split itself into two publicly-traded companies. XPO, a perennial rankings-topper on the Transport Topics Top 50 list of the largest logistics companies, shared the news after markets closed Wednesday. It said it will spin off 100% of its logistics business while maintaining trucking and freight brokerage operations as a stand-alone business. When the deal closes, which is expected to happen in the second half of 2021, current shareholders will own stock in both companies by way of a tax-free transaction. XPO CEO Brad Jacobs will remain chairman and chief executive of what’s being called “XPORemainCo.,” the trucking and brokerage provider, and serve as chairman of the new logistics company, temporarily distinguished as NewCo.
