XPO Logistics Inc. (NYSE: XPO) has closed a $335 million deal for Pacer International Inc.
The company financed the cash portion of the deal through a combination of cash on hand and proceeds from a recent $414 million public stock offering. The deal was announced in January.
"Our acquisition of Pacer makes us a major player in the fast-growing intermodal sector, and the largest intermodal provider in cross-border Mexico," says XPO CEO Bradley Jacobs.
In December, the company added to its deal streak with the purchase of Landstar System Inc. (Nasdaq: LSTR) subsidiaries. The logistics industry has been consolidating for a few years. In March, another shipping company, Roadrunner Transportation Systems Inc. (NYSE: RRTS) agreed to buy Unitrans International Logistics.