XPO Logistics To Buy NLM For $87 Mln - Quick Facts

(RTTNews) - XPO Logistics, Inc. (XPO) Wednesday entered into a definitive agreement with Landstar System, Inc. to acquire NLM, a provider of web-based expedited transportation management in North America, for $87 million in cash. A second technology product, A3i, is included in the planned acquisition, XPO said. The deal is expected to immediately add to the earnings, exclusive of any synergies with the company's existing expedite business.

XPO expects to buy at closing cash in the amount of $10 million to $13 million. The acquisition is expected to close by mid-January 2014, subject to Hart-Scott-Rodino clearance and customary conditions. The deal is expected to be funded with available cash on hand, including the acquired cash, and its ABL facility. NLM had about $500 million of gross total transportation spend and generated $9.8 million of adjusted EBITDA on $23.4 million of transaction management fee revenue for the year 2013.

EVE Partners, LLC is serving as advisor to the company's board of directors on the NLM transaction.