Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

XPO Logistics To Buy 3PD For Nearly $365 Mln - Quick Facts

XPO Logistics, Inc. (XPO: Quote) reported signing a definitive agreement to acquire 3PD, Inc.'s common shares in a transaction valued at around $365 million. The acquisition is likely to be immediately and significantly accretive to earnings. The acquisition reflects an aggregate consideration of about $357 million of cash and $8 million of XPO restricted stock, and may close in the third quarter of 2013.

Atlanta-based 3PD, founded by Karl and Randy Meyer in 2001, is a non-asset, third party provider of heavy goods, last-mile logistics in North America. The business reported year-on-year growth in adjusted EBITDA of 20 percent and 36 percent for the year 2012 and the first five months of 2013, respectively; and trailing full-year revenue of $319 million through May 31, 2013.

Credit Suisse Group is serving as financial advisor to the board of XPO Logistics, and Morgan Stanley & Co. LLC is serving as financial advisor to 3PD's board.

Click here to receive FREE breaking news email alerts for XPO Logistics, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks showed a significant recovery over the course of the trading day on Monday after coming under pressure in early trading. The markets eventually ended the session roughly flat following the mixed performance that was seen last week. House and Senate negotiators revealed Monday that they have reached an agreement on compromise legislation to reform the scandal-plagued Veterans Affairs Department. After reporting a sharp jump in U.S. pending home sales in the previous month, the National Association of Realtors released a report on Monday showing that pending home sales unexpectedly saw a notable pullback in the month of June.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.