XPO Approved to Acquire 28 Service Centers as Part of Yellow’s Chapter 11 Bankruptcy
12 Dezembro 2023 - 7:35PM
XPO (NYSE: XPO), a leading provider of LTL freight transportation
in North America, today announced that the United States Bankruptcy
Court for the District of Delaware has approved the company’s offer
to acquire 28 service center locations previously operated by
Yellow Corporation. XPO will purchase 26 service centers and assume
existing leases for the other two locations. The transaction is
expected to close by the end of 2023.
Mario Harik, chief executive officer of XPO, said, “This
acquisition of real estate is a once-in-a-generation opportunity to
increase capacity in critical, growing freight markets, create more
jobs and serve our customers even more effectively. We look forward
to integrating these prime sites to enhance network efficiency and
drive our next decade of growth.”
The transaction will complement XPO’s national network with
prime real estate in fast-growing freight markets, including
Atlanta, Brooklyn, Columbus, Greensboro, Houston, Indianapolis, Las
Vegas, Minneapolis, Nashville, Portland and Central
Pennsylvania.
Wachtell, Lipton, Rosen & Katz is serving as legal advisor
to XPO in connection with this transaction.
About XPOXPO, Inc. (NYSE: XPO) is one of
the largest providers of asset-based less-than-truckload (LTL)
transportation in North America, with proprietary technology that
moves goods efficiently through its network. Together with its
business in Europe, XPO serves approximately 50,000 customers with
563 locations and 38,000 employees. The company is headquartered
in Greenwich, Conn., USA. Visit xpo.com for more
information, and connect with XPO
on Facebook, X, LinkedIn, Instagram and YouTube.
Media Contacts
Jaycie Cooper +1 475-400-5003 jaycie.cooper@xpo.com
Michael Abrahams+1 203-461-2689michael.abrahams@xpo.com
Forward-looking Statements This release
includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, including, without
limitation, statements that relate to the transaction described in
this release (the “Yellow Asset Acquisition”). All statements other
than statements of historical fact are, or may be deemed to be,
forward-looking statements. In some cases, forward-looking
statements can be identified by the use of forward-looking terms
such as “anticipate,” “estimate,” “believe,” “continue,” “could,”
“intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,”
“expect,” “objective,” “projection,” “forecast,” “goal,”
“guidance,” “outlook,” “effort,” “target,” “trajectory” or the
negative of these terms or other comparable terms. These
forward-looking statements are based on certain assumptions and
analyses made by us in light of our experience and our perception
of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
in the circumstances. These forward-looking statements are
subject to known and unknown risks, uncertainties and assumptions
that may cause actual results, levels of activity, performance or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by such forward-looking statements. Factors that might
cause or contribute to a material difference include the risks
discussed in our filings with the SEC, and the following: the
effects of business, economic, political, legal, and regulatory
impacts or conflicts upon our operations; supply chain disruptions,
the global shortage of certain components such as semiconductor
chips, strains on production or extraction of raw materials, cost
inflation and labor and equipment shortages; our ability to align
our investments in capital assets, including equipment, service
centers, and warehouses and other network facilities, to our
customers’ demands; our ability to implement our cost and revenue
initiatives; the effectiveness of our action plan, and other
management actions, to improve our North American LTL business; our
ability to benefit from a sale, spin-off or other divestiture of
one or more business units; our ability to successfully integrate
and realize anticipated synergies, cost savings and profit
improvement opportunities with respect to acquired companies;
goodwill impairment, including in connection with a business unit
sale or other divestiture; fluctuations in currency exchange rates;
fuel price and fuel surcharge changes; the expected benefits of the
spin-offs of GXO Logistics, Inc. and RXO, Inc. on the size and
business diversity of our company; our ability to develop and
implement suitable information technology systems and prevent
failures in or breaches of such systems; our indebtedness; our
ability to raise debt and equity capital; fluctuations in fixed and
floating interest rates; our ability to maintain positive
relationships with our network of third-party transportation
providers; our ability to attract and retain qualified drivers;
labor matters; litigation; risks associated with our self-insured
claims; governmental or political actions; competition and pricing
pressures; risks related to Yellow’s Chapter 11 Petition; the
diversion of management’s attention from ongoing business
operations and opportunities; the satisfaction of the conditions
precedent to completion of the Yellow Asset Acquisition; the
disruption of current plans and operations; the ability to complete
the Yellow Asset Acquisition in whole or in part on the terms
currently contemplated, on a timely basis, or at all; the
possibility that the Yellow Asset Acquisition may be more expensive
to complete than anticipated; potential adverse reactions,
disruptions or changes to business or employee relationships,
including those resulting from the bankruptcy proceedings of Yellow
or announcement or completion of the Yellow Asset Acquisition; the
occurrence of any event, change or other circumstances that could
give rise to the right of XPO or Yellow to terminate the
acquisition agreement between XPO and Yellow; and the possibility
that the anticipated benefits of the Yellow Asset Acquisition are
not realized when expected or at all, including as a result of the
impact of, or problems arising from, the integration of the
acquired assets of Yellow, or the assumption of known or unknown
liabilities or other unforeseen circumstances. All
forward-looking statements set forth in this release are qualified
by these cautionary statements and there can be no assurance that
the actual results or developments anticipated by us will be
realized or, even if substantially realized, that they will have
the expected consequences to or effects on us or our business or
operations. Forward-looking statements set forth in this release
speak only as of the date hereof, and we do not undertake any
obligation to update forward-looking statements except to the
extent required by law.
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