Executive Briefings

XPO Logistics Agrees to Acquire Con-way Inc.

XPO Logistics Inc. has entered into an agreement to acquire Con-way Inc., the Fortune 500 provider of less-than-truckload and full truckload transportation, contract logistics and truck brokerage.

All of the acquired operations, including Con-way Freight, Menlo Logistics, Con-way Truckload and Con-way Multimodal, will be rebranded as XPO Logistics. The total value of the transaction is $3bn, including $290m of net debt. XPO will launch a tender offer for all of Con-way's outstanding shares, at a cash price of $47.60 per share. If the offer is successful, Con-way will become a wholly owned subsidiary of XPO.

XPO chairman and chief executive officer Bradley Jacobs will retain those positions and lead the combined company. The deal is expected to close in October, 2015, subject to regulatory approvals and successful completion of the tender offer. Jacobs said the acquisition will make XPO the second-largest provider of LTL transportation in North America. The combined company will have approximately 84,000 employees at 1,469 locations in 32 countries. XPO’s corporate headquarters are in Greenwich, Conn., with European headquarters in Lyon, France.

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All of the acquired operations, including Con-way Freight, Menlo Logistics, Con-way Truckload and Con-way Multimodal, will be rebranded as XPO Logistics. The total value of the transaction is $3bn, including $290m of net debt. XPO will launch a tender offer for all of Con-way's outstanding shares, at a cash price of $47.60 per share. If the offer is successful, Con-way will become a wholly owned subsidiary of XPO.

XPO chairman and chief executive officer Bradley Jacobs will retain those positions and lead the combined company. The deal is expected to close in October, 2015, subject to regulatory approvals and successful completion of the tender offer. Jacobs said the acquisition will make XPO the second-largest provider of LTL transportation in North America. The combined company will have approximately 84,000 employees at 1,469 locations in 32 countries. XPO’s corporate headquarters are in Greenwich, Conn., with European headquarters in Lyon, France.

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