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GXO Logistics has completed its cash and share offer for Clipper Logistics.

The two companies will continue to be run independently until the UK Competition and Markets Authority (CMA) has completed its review, which is expected later in 2022.

The transaction, announced at the end of February this year, brings together two major industry heavyweights with highly complementary service offerings, customer portfolios, and footprints in the UK and Europe.

Announcing the completion, GXO said the deal will see Clipper expand its services into Germany and Poland, as well as in the life sciences and reverse logistics and returns management sectors, which are key growth areas for GXO.

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The company said the acquisition will also enhance its ESG leadership position, by adding Clipper’s reverse logistics and circular economy offerings and its internal targets to minimize carbon emissions and waste.

It added that GXO “expects to realise significant productivity opportunities and cost synergies within two years from transaction close".

GXO chief executive officer Malcolm Wilson, said: “We are very pleased to achieve this important milestone.

Through this powerful combination, GXO will accelerate our business growth and enhance the value we bring to all stakeholders by providing enhanced offerings to a diversified and expanded customer base.

“We’re very much looking forward to welcoming the Clipper team to GXO and believe our complementary capabilities and offerings in high growth areas, shared focus on innovation and technology, and great cultural fit will enhance our position as a leading pure-play logistics firm.”