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.
by RTT Staff Writer
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