Flash note: Agreed takeover by XPO Logistics

Norbert Dentressangle announced that the supervisory board has unanimously approved entry into a tender support agreement for XPO Logistics to acquire a majority interest in Norbert Dentressangle and to launch a tender offer for the remaining shares. The transaction is valued at €3.24bn (US$3.53bn) at an agreed price of €217.50 per share, a 34% premium to the closing price at 27 April 2015, excluding a €1.80 dividend due to be paid before closing, which is anticipated in Q2. A binding agre...

Update: Q1 highlights international growth

Norbert Dentressangle’s Q115 revenue announcement supports our thesis that the group is benefiting from its increased scale and global ambitions following the September 2014 US acquisition of the Jacobson Companies. While revenues were up c 21% to €1.3bn, primarily due to the acquisition, underlying like-for-like growth was positive at 1.7%. Logistics was the standout performer, both in terms of contribution from the US and in underlying terms. Encouragingly, growth was seen across all regio...

Institutional Comment: Daily comment

Initiation: The Norbert way

Norbert Dentressangle has positioned itself as a global player in transportation and logistics from a strong European base. 2014 was a pivotal year in this strategy, with the acquisition of Jacobson positioning the group as the fourth largest independent player in the US. With consolidation activity gathering pace, we see this not as the end, but merely the beginning of the journey in the $150bn US 3PL market. With a growth strategy driven by increasing geographic reach, scale and service scope,...

QuickView: Jacobson acquisition propels US business

Norbert Dentressangle announced robust H114 results, but more importantly, in our view, its strategic acquisition of Jacobson Companies, the #5 contract logistics provider in the US. Norbert will pay an initial $750m with an additional capped earn-out based on performance, equivalent to a purchase multiple of 9x EBITDA. Jacobson provides access to the faster-growing US third-party logistics market through nationwide coverage, adding some $800m of revenue at a higher than group margin, with an as...

SRI Quantitative KPIs

Les analyses Gaïa sont des analyses ESG (Environnement, Social, Gouvernance) dediees aux entreprises de tailles intermediaires (PME, ETI) françaises. Elles presentent 120 indicateurs quantitatifs sur les trois derniers exercices.