Greenwich, Connecticut, USA: GXO Logistics, which was spun off from XPO in 2021, is said to be exploring a potential sale, according to a report in Bloomberg News.
GXO is believed to be working with financial advisers. It is suggested that the company began to review its options after receiving interest from potential buyers. However, no final decision has been made, and GXO could opt to remain independent, says the Bloomberg report.
Shares in GXO rallied 8.3% in pre-market trading on October 10, following the Bloomberg News report. The company has lost about 22% of its market value since the spin-off from XPO, according to data compiled by Bloomberg.
XPO built GXO through a series of acquisitions before spinning off the company to simplify its business structure.
On its website GXO says it has 970 warehouses, and 200msq ft of warehousing space. It has a presence in 27 countries. Sectors covered include food and beverage and healthcare.
In the UK GXO was named as one of Sainsbury’s three logistics partners last year. It won a contract to help Sainsbury’s run several fresh and frozen food warehouses following an overhaul of the retailer’s supply chain.
This year JS Davidson acquired a former GXO cold storage site.
