United Package Service Inc (NYSE:) has agreed to sell its Coyote Logistics division to RXO for about $1 billion, about $0.6 billion less than it paid for the freight brokerage company.
United Package Service Inc (NYSE:) has agreed to sell its Coyote Logistics division to RXO for about $1 billion, about $0.6 billion less than it paid for the freight brokerage company.
“As UPS positions itself to become the world’s premium small package provider and logistics partner, the decision to sell our Coyote Logistics business enables an even greater focus on our core business,” UPS CEO Carol Tomé said in a statement.
The parcel delivery company expects the transaction to close by the end of the year, subject to regulatory approval.
Following completion of the transaction, UPS said it would update its financial outlook.
Chicago-based Coyote is a third-party logistics provider that works with 100,000 network carriers and manages 10,000 loads per day.
UPS paid $1.8 billion to acquire Coyote from private equity firm Warburg Pincus in 2015.
The company’s shares were trading 1.7% higher at about $139 late Monday morning.
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Proactive Investors – United Package Service Inc (NYSE:) said it has agreed to sell its Coyote Logistics division to RXO for about $1 billion, about $0.6 billion less than it paid for the freight brokerage company.
“As UPS positions itself to become the world’s premium small package provider and logistics partner, the decision to sell our Coyote Logistics business enables an even greater focus on our core business,” UPS CEO Carol Tomé said in a statement .
The parcel delivery company expects the transaction to close by the end of the year, subject to regulatory approval.
Following completion of the transaction, UPS said it would update its financial outlook.
Chicago-based Coyote is a third-party logistics provider that works with 100,000 network carriers and manages 10,000 loads per day.
UPS paid $1.8 billion to acquire Coyote from private equity firm Warburg Pincus in 2015.
The company’s shares were trading 1.7% higher at about $139 late Monday morning.
Learn more about Proactive Investors CA
Disclaimer
