Why Shares of XPO Logistics Are Up Today
Shares of XPO Logistics (NYSE: XPO) were up about 7% around 1:30 p.m. Tuesday, after the shipping and transport specialist announced plans to buy a logistics operation in the United Kingdom. The company's dealmaking efforts are under scrutiny right now, and investors appear to be pleased to see XPO looking to expand in a key area.
Swiss transport company Kuehne & Nagel International on Tuesday morning agreed to sell its U.K. contract logistics operations, which is focused on beverage, food service, tech, and e-commerce, to XPO for an undisclosed price. The unit to be sold generated about GBP 500 million ($645 million) in revenue in 2019, operating out of about 75 facilities.
An XPO sorting facility. Image source: XPO Logistics.
Source Fool.com
