XPO Logistics has entered into an agreement with Con-way to purchase the transportation and logistics company for approximately $3 billion. All of the acquired operations, Con-way Freight, Menlo Logistics, Con-way Truckload and Con-way Multimodal, will be rebranded as XPO Logistics, according to a press release.
“Our opportunistic acquisition of Con-way will make XPO the second largest provider of less-than-truckload transportation in North America,” said Bradley Jacobs, chairman and chief executive officer of XPO Logistics. “LTL is a non-commoditized, high-value-add business that’s used by nearly all of our customers. Con-way is a premier platform that we will run with a fresh set of eyes as part of our broader offering. Importantly, we’ll gain strategic ownership of assets that will benefit our company and our customers during periods of tight capacity.”
Under the terms of the agreement XPO will launch a tender stock offer of $47.60 a share for all of Con-way’s outstanding shares.
Headquartered in Ann Arbor, Mich., Con-way has a network of 582 locations and approximately 30,000 employees serving over 36,000 customers.
