finance

UPS announces sale of Coyote Logistics unit to RXO for $1 billion


(Reuters) -United Parcel Service, the world’s biggest package delivery firm, will sell its Coyote Logistics business unit to RXO for $1.025 billion, the companies said on Sunday.

The transaction will be funded with a mix of equity and debt, including a $300 million equity investment from MFN Partners and a $250 million equity investment from Orbis Investments, North Carolina-based RXO said in a statement.

“The decision to sell our Coyote Logistics business allows an even greater focus on our core business,” UPS Chief Executive Officer Carol Tome said.

© Reuters. File photo: United Parcel Service's (UPS) newly launched electric delivery truck is seen in Compton, California, U.S., September 13, 2023. REUTERS/Lisa Baertlein/File photo

RXO helps shippers and carriers to move freight.

UPS bought Coyote Logistics from private equity firm Warburg Pincus for $1.8 billion in 2015 to expand its full-truckload services.





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