US logistics firm XPO has completed its purchase of a 67% stake in European rival Norbert Dentressangle.
It will now offer to buy out the remaining shareholders in the French logistics and transport business at €217.50 (£157) per share. The deal values Dentressangle at £2.3bn.
Dentressangle has sales of some £1.3bn in the UK. The combined businesses will have sales of £6bn and employ 52,000 people at 850 locations in 27 countries.
XPO Logistics raised $1.26bn (£800m) in equity to fund the takeover and has set out plans to raise $2bn (£1.3bn) in debt finance.
Dentressangle trucks are already being repainted with the slogan ‘#WeAreXPO’.
Hervé Montjotin, chairman of the management board of Norbert Dentressangle, who is now also European chief executive and president of XPO Logistics, said: “Thanks to the speedy completion of this acquisition, we can begin our integration as part of XPO Logistics without delay and fully commit to an ambitious business development plan, supported by a broader service offering and an expanded capacity for innovation.”