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Stock Market & Financial Investment News

News Breaks
July 29, 2014
16:53 EDTXPOXPO Logistics acquires New Breed Logistics for $615M, completes ACL acquisition
XPO Logistics announced that it has entered into a definitive agreement to acquire New Breed Holding Company, the preeminent U.S. provider of non-asset based, complex, technology-enabled contract logistics for blue chip customers, for a purchase price of $615 million on a cash-free, debt-free basis, and assuming a normalized level of working capital. At the closing, New Breed's CEO, Louis DeJoy, will use $30M of proceeds from the transaction to purchase restricted stock from the company. New Breed had revenue of approximately $597M and adjusted EBITDA of approximately $77M for the trailing 12 months ended June 30. The company further announced that on July 28, the company completed its acquisition of Atlantic Central Logistics, or ACL, for a cash purchase price of $36.5M on a cash-free, debt-free basis, and excluding any working capital adjustments. ACL had revenue of $63M and adjusted EBITDA of $6.2M for the trailing 12 months ended June 30.
News For XPO From The Last 14 Days
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June 30, 2015
08:08 EDTXPOXPO Logistics coverage resumed with an Overweight at Morgan Stanley
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June 26, 2015
17:53 EDTXPOXPO Logistics says ND is subject of ongoing investigation by French regulators
XPO Logistics said in a regulatory filing that ND or Norbert Dentressangle is subject to an ongoing investigation by the French Competition Authority. On June 8, XPO Logistics announced that it has consummated the previously announced agreement to purchase all of the shares of Norbert Dentressangle held by Mr. Norbert Dentressangle and his family, representing 67% of the company's outstanding shares, at a price of 217.50 euros per share. XPO continued in a filing: "In July 2014, ND Distribution received notification from the French antitrust authorities relating to alleged anti-competitive practices of companies in the parcel express delivery business. Most French companies participating in this market also received complaints covering several prior years. The investigation focuses on the role played by an industry syndicate, in which the participants are said to have exploited the syndicate’s “Pooling Business Advisory” meetings so as to align their sales practices and, in particular, prices. The French antitrust authorities are reviewing the period from June 2007 to March 2008, which straddles the period during which ND completed its indirect takeover of ND Distribution. ND expects that a hearing may be held late in 2015 or early in 2016. Additionally, ND is involved in certain proceedings in the Valence Criminal Court regarding a two-year preliminary enquiry into the way ND organizes international transport sub-contracting operations. No provision has been made in ND’s financial statements regarding either investigation, and while ND disputes the claims against it, any adverse findings or decisions arising out of such investigation could have a material adverse impact on ND’s business and financial condition. "

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