GXO has marked a significant milestone with the successful completion of the acquisition of PFSweb. This strategic move paves the way for GXO to broaden its exposure to new high-growth sectors in North America and Europe, strengthening its commitment to delivering value to shareholders.
GXO CEO, Malcolm Wilson, described the acquisition as a pivotal step in the company’s strategic vision. It positions GXO to enhance its capabilities and, in turn, directly benefit its customers while ensuring disciplined capital allocation. The acquisition of PFSweb expands GXO’s offerings in high-growth verticals, particularly in the cosmetics and luxury goods sectors, across North America and Europe. This expansion leverages PFSweb’s established relationships with more than 100 brands.
GXO will harness PFSweb’s expertise in high-touch customer care, secure payments, fraud protection, and distributed order orchestration systems. These capabilities are vital for many high-end brands and will strengthen GXO’s service offerings. PFSweb will operate as a distinct division within GXO’s Americas and Asia Pacific region under the leadership of Eduardo Pelleissone, President of Americas and Asia Pacific. The integration aims to amplify capabilities and market share while enhancing the customer experience.
GXO’s tender offer for all outstanding shares of PFSweb received resounding support, with approximately 86.9% of outstanding shares validly tendered and not withdrawn. This indicates a high level of confidence in GXO’s growth strategy. Following the successful tender offer, GXO finalized the acquisition through a second-step merger of Peregrine MergerSub I, Inc. with PFSweb. This transition makes PFSweb a wholly owned subsidiary of GXO, resulting in the delisting of PFSweb shares from the Nasdaq Capital Market.
Source: GXO
