XPO Logistics Inc said it will purchase logistics company Pacer International Inc in a deal valued at $335 million, the Wall Street Journal reported. Under the terms of the deal, Pacer shareholders will receive $6 in cash and $3 of XPO common stock for each Pacer share, the newspaper said. ()Pacer's shares closed at $8.33 on Friday on the Nasdaq.The deal, expected to close in the second quarter, will boost XPO's rail services and give it a big fleet of domestic containers that can ride on both truck and rail, the WSJ said. It will also double XPO's annual revenue to about $2 billion.XPO Logistics said it obtained a commitment from Credit Suisse AG for up to $325 million in a senior secured term loan, both to fund the Pacer deal and for general corporate purposes, the report said.
Pacer International Inc. (Pacer) is a asset-light transportation and global logistics service provider. Shares of PACR fell by 1.54% or $-0.13/share to $8.33. In the past year, the shares have traded as low as $3.75 and as high as $9.23. On average, 285943 shares of PACR exchange hands on a given day and today's volume is recorded at 214802.
XPO Logistics, Inc. is a logistics provider of freight transportation services. Shares of XPO traded higher by 2.64% or $0.72/share to $28.03. In the past year, the shares have traded as low as $15.48 and as high as $28.35. On average, 416832 shares of XPO exchange hands on a given day and today's volume is recorded at 765819.
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