The government has given the green light on a £762 million deal for a Wiltshire-based firm.

In February logistics giant Wincanton, which is headquartered at Methuen Park in Chippenham, was the subject of a bid from US company GXO Logistics totalling over £762 million.

The offer will see GXO acquire the entire share capital of Wincanton for 605 pence per share in cash.

On March 1, the Wincanton board announced its unanimous intention to recommend accepting the offer.

The deal triggered a mandatory notification to the UK Government under the UK National Security and Investment Act 2021.

The Wiltshire Gazette and Herald: The Wincanton offices in ChippenhamThe Wincanton offices in Chippenham (Image: Trevor Porter)

GXO has now announced that, on April 23, the Secretary of State in the Cabinet Office informed bosses the UK government would not be taking any action to block the takeover.

At the time of writing, the completion of the acquisition remains subject to the satisfaction of several conditions set out by the scheme.

The Wincanton board had initially agreed to recommend accepting a £604.7 million offer from CEVA Logistics UK.

But after a bidding war was sparked, directors withdrew their support for this initial bid, which has since lapsed.

Wincanton is the supply chain partner for multiple leading businesses, including Asda, Primark, and IKEA.