XPO Logistics Completes Purchase of Pacer International
April 01, 2014
Brokerage and logistics firm XPO Logistics has completed its previously announced acquisition of intermodal and drayage provider Pacer International in a cash and stock transaction valued at approximately $335 million.
The transaction makes XPO Logistics the third largest provider of intermodal services in North America and the largest cross-border Mexico provider, according to the company.
The Connecticut-based XPO financed the cash portion of the acquisition through a combination of cash on hand and a portion of the net proceeds of its recent $414 million public offering of common stock.
Daniel Avramovich, former chief executive officer of the Ohio-based Pacer, has assumed new responsibilities as XPO's senior vice president of strategic development. He will help to align the company's national and multi-national customers with an expanding base of capacity providers, including major rail relationships, and will serve on the company's acquisition team. He reports directly to XPO Logistics CEO Bradley Jacobs.