XPO Logistics Inc has acquired the freight brokerage business of Ozburn-Hessey Logistics, a logistics company owned by private equity firm Welsh Carson, for $50 million in cash, a source familiar with the matter told Reuters. The acquisition of Turbo Logistics Inc will immediately add to XPO's earnings, the source said.XPO, which has a market value of about $220 million, has been looking to make acquisitions since it received a $150 million investment from investor Brad Jacobs and his private equity firm in June 2011.Jacobs, now the CEO of XPO, plans to transform the company into a $4 billion-$5 billion business in a few years, mostly through acquisitions.
XPO Logistics, Inc. is a logistics provider of freight transportation services. Shares of XPO traded higher by 0.24% or $0.03/share to $12.62. In the past year, the shares have traded as low as $8.64 and as high as $19.40. On average, 273960 shares of XPO exchange hands on a given day and today's volume is recorded at 175112.
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