New York Stock Exchange-listed GXO Logistics has completed the acquisition of Wincanton, a British logistics company, for GBP764 million (USD954 million).

GXO announced its takeover bid in late February, offering Wincanton shareholders 605 pence (USD7.55) a share.

Earlier, CEVA Logistics UK had offered to take over Wincanton for GBP604.7 million (USD755 million). 

But when GXO offered more, the Wincanton board withdrew their support for the initial bid and recommended the GXO offer be accepted. 

The company says all conditions of the acquisition have been met and GXO is now the sole shareholder of Wincanton.

GXO and Wincanton will continue to be run independently until the UK Competition and Markets Authority completes the necessary reviews.

“By combining Wincanton’s footprint and proven expertise in the UK and Ireland with our global reach and transformative technology, we can provide a wider range of services to new and existing customers across geographies – and accelerate our long-term growth trajectory,” says GXO chief executive officer Malcolm Wilson.

“The acquisition will expand GXO’s offering and customer base in several key strategic growth sectors in the UK, including aerospace, utilities, industrial and healthcare. 

“Additionally, the complementary infrastructure and offerings will enable GXO to manage the combined company more efficiently, resulting in greater productivity and lower costs for the benefit of customers. 

“As a result of complementary service offerings, customer portfolios and footprints, the company expects to realise additional growth opportunities. GXO expects that the combination will lead to full annual net run-rate cost synergies of GBP45 million (USD56 million) (pre-tax) by the third year of integration.”

Wincanton, which counts Primark, Asda, Sainsbury’s and Waitrose among its clients, was last week announced as the operator of IKEA’s new Irish distribution centre.