UPS Closes $1.8 Bln Acquisition Of Coyote Logistics

(RTTNews) - Package delivery company United Parcel Service Inc (UPS) on Tuesday said it has closed the acquisition of Coyote Logistics.

In July, UPS agreed to buy Coyote, a privately held truckload freight brokerage company, for $1.8 billion from private equity firm Warburg Pincus.

Coyote arranges customers' freight shipments on available trucking capacity contracted to its network of more than 35,000 trucking companies. Founded in 2006, Coyote reported annual revenue of $2.1 billion in 2014. UPS expects Coyote to boost its business during the holiday season.

The acquisition adds large scale full-truck-load and other transportation management services to the UPS portfolio. The company expects to benefit from synergies in purchased transportation, backhaul utilization, cross-selling to customers, as well as technology systems and industry best practices.

Coyote will operate as a wholly owned subsidiary of UPS under the leadership of CEO Jeff Silver.