XPO Completes Con-way Acquisition
XPO Logistics Inc.announced that ithas completed the $3 billion acquisition of trucking and logistics operator Con-way Inc.
The announcement by XPO, which is now in position to become No. 3 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers, followed the completion of a $47.60-per-share offer for Con-way last month. The Con-way businesses now will operate under the XPO Logistics brand.
“We have an unprecedented opportunity to create value for our customers and investors as a result of the Con-way transaction,” XPO CEO Brad Jacobs said. “We’re moving quickly to eliminate redundancies and leverage our scale to better serve our more than 50,000 customers.”
Jacobssaid the company, which has more than tripled in size this year, will offer new financial targets and earnings details on Nov. 4. Con-way’s third-quarter results haven’t been disclosed.