XPO Prices Stock Offering at $25 Per Share
February 03, 2014
XPO Logistics has announced the pricing of public offering of 15 million shares of its common stock at a price of $25 per share and has granted the underwriters a 30-day option to purchase up to an additional 2.25 million shares.
It intends to use the net proceeds of this offering, together with cash on hand, to finance the cash portion of the purchase price for its previously announced acquisition of Pacer International, the third largest provider of intermodal transportation services in North America.
If the Pacer acquisition is not completed, XPO says it will use the net proceeds of the offering for general corporate purposes. The offering is expected to close on Feb. 5.
XPO Logistics currently has 92 locations and over 2,200 employees operating in the United States and Canada with three business units: freight brokerage, expedited transportation and freight forwarding.