The board of directors of Clipper and GXO have announced the completion of the latter’s takeover, valuing £942.6m.

The two businesses confirmed that competition on 24 May 2022, following the sanction of the Scheme by the Court two business days prior to the date of the announcement.

The entire issued and to be issued share capital of Clipper is now owned by GXO.

Clipper has made an application to the Financial Conduct Authority and the London Stock Exchange in relation to the de-listing of its Shares from the premium listing segment of the Official List and the cancellation of the admission to trading of Clipper Shares on the London Stock Exchange’s main market for listed securities have also been applied for and will take effect on 25 May 2022.

Earlier this month, the Competition and Markets Authority (CMA) issued an initial enforcement order on GXO Logistics Inc’s planned takeover of Clipper Logistics PLC, stating it had ‘reasonable grounds for suspecting that the deal would result in the companies ceasing to be distinct’.

The CMA added that the ‘order does not prohibit the completion of the transaction provided that the Acquirer Group and Clipper observe restrictions’ set out.

Clipper Logistics provides services to a number of customers, including furnishings business Amara, John Lewis, Liberty, M&S and Westwing.