RXO completes $1.025B acquisition of Coyote Logistics [Yahoo! Finance]
Morgan Stanley (MS)
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Source: Yahoo! Finance
The combination gives RXO ( NYSE: RXO ) a $7 billion top line with multiple growth opportunities. It adds new power lanes and expands density on existing lanes. Coyote has a large presence in the food and beverage vertical and will continue to support UPS ( NYSE: UPS ) with transportation services through 2030. The deal brings little customer overlap as RXO has traditionally served the retail and e-commerce, and industrial and manufacturing segments. Coyote has a relationship with only three of RXO's top 25 customers. It mostly works with large carriers and private fleets, whereas the RXO network was built on small carriers. Once integrated, the RXO platform will have 150,000 carriers providing capacity. The $1.025 billion deal was executed at roughly 12 times trailing adjusted earnings before interest, taxes, depreciation and amortization and just nine times when including acquisition synergies. RXO CEO Drew Wilkerson told investors last week at a Morgan Stanley ( NYSE: MS ) c
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