Yellow Roadway will buy USF, the two companies announced Feb. 27 after the agreement was approved by both boards of directors.
The transaction value, based on stock price and including Yellow Roadway’s assumption of $99 million in USF debt, is approximately $1.47 billion.
“With the addition of USF, we continue to accelerate our growth, earnings and positive momentum,” said Bill Zollars, Yellow Roadway chairman, president and CEO.
The combined enterprise will have annual revenue of more than $9 billion and employ more than 70,000 people in more than 1,000 locations. The merged entity will offer customers next-day, regional, national and international shipping.
“USF provides Yellow Roadway with immediate and nationwide scale in next-day and regional markets, which are among the fastest growing transportation segments,” Zollars said.
“The USF companies gain access to industry-leading technology and opportunities to share best practices that will benefit our combined customer bases,” said Paul Liska, USF executive chairman.
The acquisition is expected to close in summer 2005.
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