US logistics firm XPO Logistics has agreed to buy Norbert Dentressangle in a deal worth €3.24bn (£2.36bn).
XPO agreed to buy a majority interest in the French transport and logistics business and will launch a tender offer for the remaining shares.
Norbert Dentressangle operates out of 662 locations with about 42,350 employees worldwide. Its customers in the UK include etailers Asos.com and Missguided.
Hervé Montjotin, chairman of the executive board and chief executive officer of Norbert Dentressangle, will serve as chief executive officer of XPO’s European business and president of the parent company.
Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said: “This is a defining moment in the growth of XPO. Our planned acquisition of Norbert Dentressangle will catapult XPO to a top 10 global logistics company.
“It will more than triple our EBITDA to $545m (£355m) and increase our revenue to about $8.5bn (£5.5bn) upon completion of the tender offer, nearly achieving our 2017 financial targets two years ahead of plan.”
In March, Missguided signed a seven-year deal with Norbert Dentressangle to manage its domestic and international orders. The young fashion etailer will move to a warehouse in Trafford Park, Manchester, operated by the firm in early 2016.