Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, February 9, 2015

XPO Logistics buys home delivery company to tap e-commerce boom, (NYSE: XPO)

XPO Logistics Inc has bought home delivery company UX Specialized Logistics for $59 million in cash to tap into the booming e-commerce market in North America.XPO estimates "last mile" delivery services, which involve transporting goods from warehouses to either a home or a retailer, to be a $13 billion market in North America."UX will boost our over-the-road capacity by another 1,600 independent owner-operators," XPO Chief Executive Bradley Jacobs told Reuters. "That's important to our growth plan for last mile."The deal will be announced later on Monday, Jacobs said.

XPO Logistics, Inc., is a logistics provider of freight transportation services. Shares of XPO traded higher by 1.09% or $0.44/share to $40.86. In the past year, the shares have traded as low as $22.84 and as high as $42.55. On average, 736316 shares of XPO exchange hands on a given day and today's volume is recorded at 632448.