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Xpo

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business2 years ago

XPO Acquires 28 Yellow Terminals in $870 Million Deal

XPO Inc., a less-than-truckload carrier, has agreed to pay $870 million for 26 owned terminals and two leased properties previously operated by bankrupt Yellow Corp. in a managed sale of assets. The auction saw 128 out of Yellow's 169 owned properties sold to 21 different buyers, bringing in nearly $1.9 billion. XPO's offer was among the largest, while Old Dominion Freight Lines, another top suitor, did not acquire any properties in this initial sale. The auction is ongoing, with 46 owned properties remaining to be sold.

via Transport Topics|
#auction#business#less-than-truckload-carrier
business2 years ago

Trucking giant XPO acquires bankrupt Yellow's service centers for $870 million

Trucking company XPO Inc has won a bid to acquire 28 service centers of bankrupt Yellow Corp for $870 million. The deal, subject to court approval, is expected to add to XPO's core profit in 2024 and adjusted profit per share from continuing operations in 2025. XPO's successful bid was part of a court-supervised auction that saw nearly two dozen companies, including Estes Express Lines and Knight-Swift Transportation Holdings, win rights to purchase Yellow's assets for $1.88 billion. The U.S. Bankruptcy Court in Delaware will hold a hearing on December 12 to approve the bids.

via Reuters|
#acquisition#bankruptcy#business