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CH Robinson to Acquire Phoenix International

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C.H. Robinson Worldwide (NASDAQ: CHRW), today
announced that it has reached a stock purchase agreement to acquire
Phoenix International, Inc. (“Phoenix”) for $571.5 million in cash and

C.H. Robinson Worldwide (NASDAQ: CHRW), today
announced that it has reached a stock purchase agreement to acquire
Phoenix International, Inc. (“Phoenix”) for $571.5 million in cash and
approximately $63.5 million in newly-issued C.H. Robinson stock.
The agreement is subject to certain customary closing conditions,
including regulatory approval. Closing of the acquisition is expected to
occur in the fourth quarter of 2012. C.H. Robinson will use existing
cash and plans to enter into a revolving credit facility with major
banks to finance the cash portion of the purchase price. The acquisition
is expected to be modestly accretive in the first year.

Phoenix is a privately-held international freight forwarder. In its most
recently completed fiscal

See full press release

Posted-In: News Guidance M&A Global

 

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