XPO Logistics Inc said it would purchase Pacer International Inc for $335 million to become the third-largest North American provider of intermodal services, one of the fastest-growing areas of transportation logistics.U.S. transportation companies have invested heavily over the past year to build their intermodal shipping business, which moves goods in containers that are shifted from truck to train or train to ship.Pacer, the largest provider of intermodal services between the U.S. and Mexico, will be XPO's eleventh acquisition in two years, the two companies said in a joint statement.Pacer shareholders will receive $6 in cash and $3 in XPO stock for each share they hold, XPO said on Monday. The offer is at a premium of 8 percent to Pacer's Friday close of $8.33.
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 215368.
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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