XPO Logistics gets $2.6 billion financing commitment for Norbert buy

By Sara Rosenberg

New York, April 28 – XPO Logistics Inc. has received a commitment for up to $2.6 billion of financing to help fund its acquisition of Norbert Dentressangle SA, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Morgan Stanley is leading the financing.

The company also said in the filing that it will evaluate an equity capital raise to maintain a prudent capital structure.

Under the agreement, shareholders will receive €217.50 per share. The transaction is valued at about €3.24 billion, including €1.08 billion of net debt.

About €350 million of Norbert Dentressangle asset-backed financing will remain in place under XPO after the close.

Closing is expected this quarter, subject to receipt of antitrust clearances in the United States and Germany.

XPO is a Greenwich, Conn.-based provider of transportation logistics services. Norbert Dentressangle is a Lyon, France-based provider of contract logistics.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.