XPO Logistics files for freight brokerage business spinoff
XPO Logistics Inc. said Wednesday it has filed a Form 10 registration statement with U.S. securities regulators related to the planned spinoff of its RXO transportation brokerage. The spinoff was announced earlier this year and on Wednesday XPO reiterated its expectation that it would be completed by year-end. "Our Form 10 public filing is a key step forward in the process of creating two publicly traded transportation powerhouses," XPO Chief Executive Brad Jacobs said in a statement. RXO will be the fourth-largest U.S. truckload broker, Jacobs said. A so-called Form 10 IPO is a way of taking a company public outside of the more usual pathway through an S-1 registration. International Business Machines Corp. went that route with the spinoff of its information technology services Kyndryl Holdings Inc. last year. In a presentation to investors in March, XPO said that the brokered transportation business hit revenue of $4.8 billion and operating income of $226 million in 2021. Shares of XPO edged lower in the extended session Wednesday after ending the regular trading day up 5.1%.
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