Why RXO Stock Is in the Fast Lane Today
RXO(RXO) The Motley Fool·2024-06-25 00:07
The company is buying the brokerage business of UPS.Freight brokerage RXO (RXO 23.62%) has agreed to buy the Coyote Logistics business of United Parcel Service (UPS 1.48%) for $1.025 billion, a deal that would significantly boost its scale and market share. Investors are going along for the ride, sending RXO shares up more than 20% as of 11:15 a.m. ET.Building scaleUPS bought Coyote in 2015 for $1.8 billion as a way to expand its industrial freight operations, but the unit has never lived comfortably inside ...