RXO Shares Jump Premarket on Coyote Logistics Deal
Provided by
Dow Jones
By Colin Kellaher
Shares of RXO rose nearly 15% in premarket trading Monday after the freight broker agreed to buy United Parcel Service's freight-brokerage business for $1.025 billion.
RXO on Sunday said the acquisition of Coyote Logistics will make the Charlotte, N.C., company the third-largest provider of brokered transportation in North America.
The deal, which RXO plans to fund with a mix of equity and debt, is slated to close by the end of the year.
RXO shares, which closed Friday at $20.21, were recently up 14% to $23.07 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 24, 2024 06:10 ET (10:10 GMT)
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