XPO Logistics has confirmed its acquisition of Con-way, the third deal of 2015, having bought UX Specialized Logistics in February and Norbert Dentressangle in June.
XPO announced its intention to acquire Con-way on 9 September for $3 billion and will cover all of Con-way’s operations, Con-way Freight, Menlo Logistics, Con-way Truckload and Con-way Multimodal.
XPO Logistics chairman and chief executive officer, Bradley Jacobs says: “We have an unprecedented opportunity to create value for our customers and investors as a result of the Con-way transaction. We’re moving quickly to eliminate redundancies and leverage our scale to better serve our more than 50,000 customers.”
For the first six months of 2015, XPO Logistics saw revenue increase by 122 per cent to $1.9 billion from $863 million in 2014, helped by the acquisition of Norbert Dentressangle. XPO Logistics made a loss of $93 million.
