RXO has announced the completion of its Coyote Logistics acquisition, which it has taken over from UPS.
The logistics company was acquired for a purchase price of $1.025 billion. The company is now the third-largest provider of brokered transportation in North America.
RXO says the deal will enhance its market position while also helping to diversify and expand its customer base, as well as broadening its carrier network.
“For customers, RXO now offers increased network density and additional power lanes. For carriers, RXO offers access to more customers with opportunities to reduce deadhead miles,” say the company, in its press release.
Commenting on the finalisation of the acquisition, Drew Wilkerson, chief executive officer of RXO, said:
“We’re thrilled to welcome Coyote’s employees, customers and carriers to RXO. This acquisition enables us to provide customers with even more capacity. Our larger scale will provide carriers with access to more freight. As we work to integrate Coyote’s people and technology into our business, we remain focused on providing the best service, most comprehensive set of solutions, continuous innovation and deep relationships for our customers.”