25.06.2024 By: Mantra Kumar
Artikel Nummer: 50165
UPS sells 3PL unit
UPS is selling its 3PL business unit Coyote Logistics to RXO, a North Carolina-based freight forwarder. The transaction has been agreed on for USD 1.025 billion. The sale will help UPS to focus more on expanding its portfolio as a small package provider in future.
Coyote Logistics operates out of Chicago and provides global third-party logistics. It has amassed a network of 100,000 carriers and manages 10,000 loads daily. RXO will take over Coyote and oversee all its operations.
UPS was financially advised by J.P. Morgan Securities for this transaction, which is expected to close by the end of 2024, after which it will update its financial outlook. (mk)