XPO Logistics (No. 3 in the CCJ Top 250) announced it has sold its truckload business –the bulk of which came via a October 2015 acquisition of Con-way — to TransForce Inc. (No. 7 in the CCJ Top 250) for approximately $558 million in cash. XPO will use the proceeds from the transaction to pay down debt, the company says.
The acquisition by the Montreal, Canada-based TransForce could make it the largest truckload carrier in North America.
XPO acquired all of Con-way’s operations last year in a $3 billion deal.
The truckload operation sold to TransForce encompasses approximately 3,000 tractors, 7,500 trailers and 29 locations that were part of the October 2015 acquisition of Con-way Inc.