GXO Logistics Inc., the supply-chain services provider that spun off from trucking company XPO Inc. in 2021, is exploring a sale, according to people familiar with the matter. 

The Greenwich, Connecticut-based company is working with financial advisers, said the people, who asked to not be identified because the details aren’t public. The company began to review its options after receiving interest from potential buyers, said one of the people.

No final decision has been made, and GXO could opt to remain independent. A representative for GXO declined to comment.

Shares in GXO rallied 8.3% in premarket trading on October 10, following the Bloomberg News report. If the gains hold, the stock will be set for its biggest jump since December 2022. GXO’s market value was about $6.1 billion as of October 9. The company has lost about 22% of its market value since the spinoff, according to data compiled by Bloomberg.

The transportation and logistics sector tends to see a lot of mergers and acquisitions because it’s highly fragmented, creating an opportunity for rollup plays. XPO built GXO through a series of acquisitions before spinning off the company to simplify its business structure. XPO itself spun off its so-called brokered transportation arm in 2022.

GXO describes itself as the largest pure-play contract logistics provider in the world, with 970 facilities and 27 countries of operation, according to regulatory filings. It offers warehousing, distribution, order fulfillment and a range of other supply chain services.