TransForce buys truckload operation of PE-backed XPO Logistics
Canadian transportation and logistics company TransForce Inc (TSX: TFI) has acquired the North American truckload operation of XPO Logistics Inc (NYSE: XPO). Transforce will pay about US$558 million in cash for the asset, XPO disclosed in a separate statement. Transforce said the acquisition will expand its truckload logistics services and is expected to generate annual revenue of about US$530 million this year. U.S.-based XPO is backed by Jacobs Private Equity and several institutional investors, including Ontario Teachers’ Pension Plan and Public Sector Pension Investment Board. It said it will use the sale's proceeds to reduce debt.
27 October 2016•4 mins read
