Echo Logistics is sold
Echo Global Logistics, founded in 2005, has inked an agreement to be taken over by funds managed by the private equity firm "The Jordan Company" (TJC). The transaction is valued at approximately USD 1.3 billion.
Headquartered in Chicago with more than 30 offices in the country, Echo offers freight brokerage and managed transport solutions for all players of the modal split. The company also runs a platform that compiles and analyses data from its network of over 50,000 transport providers to serve 35,000 clients involved in transport management.
Echo stockholders will receive USD 48.25 per share in cash, which represents a premium of approximately 54% over Echo's closing share price on 9 September 2021. The transaction is expected to be completed in Q4/2021. The closing is not subject to a financing condition. (sh)