XPO Logistics Completes Equity Investment of up to $150M
XPO Logistics (NYSE: XPO) today completed the previously announced equity investment led by Jacobs Private Equity. Under the terms of the transaction, Jacobs Private Equity and minority co-investors will invest an aggregate of up to $150 million in cash in the Company, including an investment by Jacobs Private Equity of up to $135 million, in each case including amounts payable upon exercise of warrants.
Upon closing, Bradley Jacobs, managing director of Jacobs Private Equity, became the chairman of the Company's new board of directors, which is comprised of G. Chris Andersen, Michael Jesselson, Adrian Kingshott, James Martell, Jason Papastavrou and Oren Shaffer. Jacobs will also serve as chief executive officer.
The transaction received stockholder approval by vote on September 1, 2011. Additionally, stockholders approved the Company's new name of XPO Logistics, Inc. (formerly Express-1 Expedited Solutions, Inc.), effective immediately. The stock will continue to trade under the symbol XPO.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.