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What will be RXO's revenue growth after acquiring Coyote Logistics by end of 2024?
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RXO's financial reports
Story
UPS Sells Coyote Logistics to RXO for $1.025 Billion
Jun 23, 2024, 07:27 PM
United Parcel Service (UPS) has announced the sale of its truckload brokerage business, Coyote Logistics, to RXO for $1.025 billion. This move aligns with UPS's 'Better and Bolder' strategy. UPS originally acquired Coyote Logistics in 2015 for $1.8 billion. The sale is expected to solidify RXO's position as a top-3 truck brokerage in North America. Coyote Logistics currently manages 10,000 loads per day. The deal involves RXO issuing $550 million of new equity and is immediately accretive, valued at 30% of gross revenue, 2x gross profit, and 11.6x adjusted EBITDA. Brad Jacobs, RXO's CEO, described the transaction as 'monumental.' UPS is set to book an $800 million loss from the sale.
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