PFSweb soars on buyout deal with GXO Logistics

PFSweb

14/09/2023 15:04

** Shares of e-commerce firm PFSweb  PFSW.O  rise 48.1% to
$7.42 in early trading   
    ** Stock hits highest in more than a year 
    ** U.S. contract logistics firm GXO Logistics  GXO.N  says
it would acquire PFSW for $7.50/shr in cash, representing an
equity value of about $181 mln
    ** Deal is expected to close in the fourth quarter of 2023
    ** "GXO to further expand its U.S. offering in cosmetics and
luxury leveraging PFSweb's client relationships that service
more than 100 brands, including L'Oreal USA, Champion" - GXO 
    ** Including session gains, stock is up 20.7% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))