Benzinga | Jul 13, 2021 09:03AM EDT

XPO Logistics Board Of Directors Approves Separation Of GXO Logistics, Declares Distribution Of GXO Shares

XPO Logistics, Inc. (NYSE:XPO) today announced that its board of directors approved the previously announced separation of its logistics segment through the distribution of all of the outstanding shares of common stock of its wholly owned subsidiary, GXO Logistics, Inc. ("GXO"), to holders of XPO common stock.

Following the separation, GXO and XPO will be independent public companies with distinct investment identities and service offerings in vast addressable markets. GXO will be the largest pure-play contract logistics provider in the world, and XPO will be a leading provider of transportation services, primarily less-than-truckload transportation and truck brokerage services.