PE-backed XPO Logistics to acquire Con-way in $3 bln deal
XPO Logistics Inc (NYSE: XPO) has agreed to acquire Con-way Inc (NYSE: CNW), a U.S. provider of transportation, logistics and supply-chain management services. The deal, which is valued at about US$3.0 billion including debt, will allow XPO to become the second-largest provider of less-than-truckload services in North America, the company said. The acquisition is expected to close next month. Greenwich, Connecticut-based XPO is a portfolio company of the Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board. In June, the Canadian investors committed to US$1.26 billion in funding to back the company's acquisition program.
10 September 2015•10 mins read
