XPO Logistics formally closed on its acquisition of Con-way on Friday, Oct. 30, making it the second largest less-than-truckload operator in North America. Value of the deal was roughly $3 billion.
The Greenwich, CT-based firm announced last month that it would acquire Con-way Inc. through a tender offer that expired 12:01 a.m., Eastern time, on Oct. 30. According to Computershare Trust Company, N.A., the depositary for the tender offer, approximately 81.1% of Con-way’s outstanding shares were validly tendered into the offer. The remainder will be paid out to shareholders at the tender offer of $47.60 per share. Con-way Inc. is no longer listed on the New York Stock Exchange.
Read more: Why is the acquisition of Con-way crucial to the future of XPO?
All of the acquired operations - Con-way Freight, Menlo Logistics, Con-way Truckload and Con-way Multimodal - are now operating under the single global brand of XPO Logistics.
“We have an unprecedented opportunity to create value for our customers and investors as a result of the Con-way transaction. We’re moving quickly to eliminate redundancies and leverage our scale to better serve our more than 50,000 customers,” said Bradley Jacobs, chairman & CEO of XPO Logistics.
