Friday, 28 September 2012

US-Freight Forwarder to acquire Phoenix International for $635 million

Freight forwarder, C.H. Robinson Worldwide Inc., has announced plans to acquire Phoenix International for approximately $635 million. 

CH Robinson Worldwide Inc, Minneapolis, RBC Capital Markets, Freight forwarder, John Barnes, Cargo, Phoenix, Freight Forwarding, Air Freight, Sea Freight, In 1979, businessman, Bill McInerney, founded the Minneapolis-based company which has since been dealing with international air freight and sea freight shipments. 

“We view this as a nice acquisition that allows the company to further diversify away from the truck brokerage business without straining, at a time when high costs are hurting the trucking industry”, said John Barnes, RBC Capital Markets analyst.

Moreover, C.H. Robinson hopes that their latest business deal will allow them to play a pivotal role in the international freight forwarding industry offering trucking, sea and air freight services. It will pay Phoenix a staggering $571.5 million in cash as well as $63.5 million in new stock amounting to a total sum of $635 million, confirmed

Phoenix currently employs more then 2,000 people in its 74 offices.


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