American XPO Logistics has signed a definitive agreement in order to buy the compatriot With-way



Logistic group American XPO Logistics, concluded recently the important acquisitions of the Bridge Transport Terminal and Norbert Dentressangle ( on 5 May 2015), it is carrying in port an important other takeover. The group, that it is one of the first ten world-wide providers of solutions for the supply chain, in fact has signed a definitive agreement in order to buy the compatriot With-way, company that it has about 30 thousand employee and that through 582 it alleviate in 18 nations offers services of transport, logistics and management of the supply chain more than 36.000 customers in the fields of the manufacture, the industry and the commerce. The acquisition will regard all the operating branches of With-way, that is -way Freight, Menlo Logistics, With-way Truckload and -way Multimodal, that they will adopt brand XPO Logistics.

The agreement, that it is approved of unanimously by the boards of directors of XPO and With-way, previews that XPO launch a public purchase offer for all the residual actions of With-way to the price cash of 47,60 dollars per.share. The price cash per.share represents a prize of about 31.6% regarding the price of closing of the common stocks of With-way in date 8 september a 2015 and prize of 22.9% regarding the average price of closing found in the 90 days of negotiation precedence the 8 last September.

In case of success of the offer With-way it will be melted with XPO, becoming a branch totally stopped from XPO, and remaining sets in action residual of With-way will receive the same emolument paid to the shareholders who have participated to the offer. The value total of the operation will be of about 3,0 billion dollars, included debit 290 million dollars clearly. In case of positive outcome of the offer the transaction, that it would have to be concluded the next October, will be subject to the satisfaction of some conditions, included the approval of the control authorities.

Specifying that the operation is not conditioned to the concession of financings, XPO has announced to have received a engagement of financing by Morgan Stanley for an amount aggregate of 2,0 billion dollars and that, moreover, the society has liquidity for about 1,2 billion dollars and can count on a credit line ABL revolving of 415 million dollars, while With-way it has liquidity pairs to about 424 million dollars. XPO has specified moreover that it previews of being able substantially to increase own ability to credit ABL as a result of the addition of active effects deriving from the acquisitions of Norbert Dentressangle and With-way.

XPO Logistics, that it counts beyond 54.000 dependent and work in more than 887 alleviate in 27 nations, has emphasized that the operation will upgrade the range of solutions for the management of the supply chain offered from XPO, transforming the company in according to provider of the America North in terms of dimensions for services of partial cargo (LTL), extending of moreover the total platform of logistics on contract. XPO will capitalize also the synergies deriving from the combination with the activities of managed transport, transport to loaded suit and freight brokerage.

Bradley Jacobs, chairman and chief executive of XPO Logistics, will assume these charges in the society turning out from the fusion, of which he will assume the guide. Douglas Stotlar, president and chief executive officer of With-way, will continue to operate in a limited role as independent adviser of the society aggregated in the course of the first trimester of 2016.

Jacobs has specified that, once concluded, the operation With-way will double almost the EBITDA for-form XPO anniversary, than will attest himself to about 1,1 billion dollars, and will carry the revenues to 15 billion dollars. Moreover he has evidenced that "another jewel of this operation is Menlo Logistics, branch of With-way, than - Jacobs has remembered - he to be included among the first 30 total suppliers logistics asset-light on contract and work other lines of business in freight the brokerage and the managed transport. Menlo - it has added - offers own services to customers of first floor of the logistics on contract, in vertical markets as high technology, the health and the commerce, that they complete the other vertical markets already served from XPO".