XPO Logistics Inc confirmed it acquired the freight brokerage division of Ozburn-Hessey Logistics, a logistics company owned by private equity firm Welsh Carson, for $50 million in cash. The acquisition of Turbo Logistics will immediately add to XPO's earnings, the company said in a statement on Thursday.Turbo, which has revenue of about $120 million, provides expedited transportation and temperature-controlled trucking services.XPO, valued by the market at 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 0.32% or $0.04/share to $12.63. 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 178867.
Source
