In The News
Con-way acquired in $3 billion deal, will be rebranded as XPO Logistics
XPO Logistics is set to acquire Con-way Inc., one of the country's largest trucking companies, XPO announced Wednesday.
The $3 billion deal has been agreed to under terms that XPO will launch a tender offer for all of Con-way's outstanding shares at a cash price of $47.60 per share. The deal is expected to close next month, and Con-way will then be merged with another XPO subsidiary.
Con-way FreightAll of the divisions under Con-way, which include Con-way Freight, Menlo Logistics, Con-way Truckload and Con-way Multimodal, will be rebranded as XPO Logistics.
In the 2015 CCJ Top 250, Con-way ranked as the country's sixth largest carrier, while XPO ranked as the country's 12th.
The acquisition will make XPO the second largest less-than-truckload carrier in North America, the company says.
Con-way has 582 locations and roughly 30,000 employees. The company posted $5.8 billion in revenue in 2014. It has nearly 12,000 power units and nearly 17,000 drivers.
Douglas Stotlar, president and CEO of Con-way, said shareholders, customers, drivers and employees will benefit from the acquisition.