The multinational transport and logistics company XPO may soon reinitiate efforts to sell its European assets. Bloomberg reported on August 15, 2024, citing anonymous sources close to the matter. According to the report, XPO is currently working with advisors to gauge potential buyer interest, with the European assets estimated to be worth up to $2 billion.
The idea of selling the European operations first surfaced in 2020, when XPO decided to focus on less-than-truckload (LTL) freight in North America. In 2021, the company spun off its logistics division into the newly formed GXO Logistics, but made no moves regarding its European transport operations. The sale was reconsidered in 2022 but was soon suspended due to unfavorable market conditions.
However, before pausing the sale, XPO's Board of Directors had authorized the transaction, and this authorization is reportedly still in effect. The most recent financial reports indicate that XPO's European transport operations generated $3.1 billion in revenue, with an EBITDA of $167 million between June 2022 and June 2023. The company has not commented on Bloomberg's report.
