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Clipper Logistics is set to be acquired by GXO after both firms agreed the terms of a deal worth £965m.

Clipper's directors said they intended to recommend unanimously that shareholders vote in favour of the deal.

The acquisition values each Clipper share at 920p and was described as “a compelling strategic combination which significantly increases the opportunities for both businesses in the high growth e-commerce/e-fulfilment area” in a public announcement.

It said the move would enhance GXO’s position as a successful, well-capitalised pure-play logistics leader and added to its geographic presence in Germany and Poland.

Clipper executive chairman Steve Parkin said: “As founder of Clipper, I am incredibly grateful to all the employees, customers and shareholders who have supported our company through this journey, from our IPO in 2014 at 100p, and enabled us to become a highly-valued leader in e-logistics and other high value-added logistics services.

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“The offer from GXO presents a compelling opportunity for us to continue to grow our service offering, by partnering with a global, technology-driven logistics company.

“We have accomplished so much, and I am confident the combination of our two companies means the best days are ahead.

“In recommending this offer to shareholders, the directors of Clipper believe it is in the best interests of all the company’s stakeholders.”

GXO said the two companies had a “one of a kind growth opportunity”; Malcolm Wilson, GXO chief executive added: “Steve Parkin and the Clipper team have created an exceptional business with outstanding capabilities.

“We will build on it.”