CH Robinson to Acquire Phoenix International

C.H. Robinson Worldwide 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