XPO Completes Spin-Off of RXO
November 01 2022 - 7:00AM
XPO (NYSE: XPO) today announced that it has completed the
previously announced spin-off of RXO, Inc., creating two
independent, publicly traded companies. XPO is a leading provider
of less-than-truckload transportation in North America, and RXO is
the fourth largest US truckload broker. XPO shares will continue to
trade on the New York Stock Exchange under the symbol “XPO” and,
effective today, RXO will begin “regular way” trading on the NYSE
under the symbol “RXO.”
Brad Jacobs, executive chairman of XPO, said,
“With the spin-off complete, XPO and RXO have both launched from
positions of strength as independent public companies. I want to
thank the many people who have worked to make our strategic plan a
success and created powerful new avenues for value creation.”
The separation was completed through a
distribution to XPO stockholders of one share of RXO common stock
for every one share of XPO common stock held as of the close of
business on the record date for the distribution, October 20, 2022.
RXO shares were distributed at 12:01 a.m. Eastern Time on November
1, 2022 in a distribution that is intended to be tax-free to XPO
stockholders for U.S. federal income tax purposes.
BofA Securities, Inc., Goldman Sachs & Co. LLC
and Morgan Stanley & Co. LLC acted as financial advisors and
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Wachtell,
Lipton, Rosen & Katz acted as legal advisors in connection with
the separation.
About XPO
XPO (NYSE: XPO) is one of the largest providers of
asset-based less-than-truckload (LTL) transportation in North
America, with proprietary technology that moves goods efficiently
through its network. Together with its business in Europe, XPO
serves approximately 43,000 shippers with 564 locations and
38,000 employees. The company is headquartered in Greenwich,
Conn., USA. Visit xpo.com for more information, and
connect with XPO
on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Forward-Looking Statements
This press release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact are, or may be deemed to be, forward-looking
statements, including the statements above regarding benefits of
the spin-off transaction, as well as the expected performance of
the company after the spin-off. Any forward-looking statements
contained herein are based on our management’s current beliefs and
expectations, but are subject to a number of risks, uncertainties
and changes in circumstances, which may cause the company’s actual
results or actions to differ materially from what is expressed or
implied by these statements. Such risks include, but are not
limited to: uncertainties as to the impact of the spin-off on the
company’s business, as well as the disclosure contained under the
heading “Risk Factors” in the company’s filings with the U.S.
Securities and Exchange Commission. We disclaim any obligation to
update these forward-looking statements other than as required by
law.
Investor ContactTavio
HeadleyXPO+1-203-413-4006tavio.headley@xpo.com
Media ContactKarina
FrayterXPO+1-203-484-8303karina.frayter@xpo.com
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