XPO Logistics announced its plans to acquire Con-way Inc., one of the country’s largest trucking companies.
The $3 billion deal is expected to close in October, and Con-way will then be merged with another XPO subsidiary.
All of the divisions under Con-way, which include Con-way Freight, Menlo Logistics, Con-way Truckload and Con-way Multimodal, will be rebranded as XPO Logistics.
The acquisition will make XPO the second largest less-than-truckload carrier in North America, the company says.
““Con-way is a premier platform that we will run with a fresh set of eyes as part of our broader offering,” said Bradley Jacobs, chairman and CEO of XPO Logistics.
Douglas Stotlar, president and CEO of Con-way, said shareholders, customers, drivers and employees will benefit from the acquisition.
“The combination will mean more services for our customers, more miles for our drivers and more career opportunities for our employees as part of XPO’s global organization. We look forward to working with the XPO team to complete the transaction and ensure a smooth transition,” Stotlar said.
