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: firstname.lastname@example.org