Greenwich-headquartered XPO Inc. (NYSE:XPO) announced that it was successful bidder in a auction for 28 U.S. service centers of Yellow Corp. and its subsidiaries, acquiring the properties for $870 million.
The auction was conducted on Nov. 28 and XPO announced its results in a filing with the U.S. Securities and Exchange Commission. Yellow, which one of the nation’s largest less-than-truckload carriers with 12,000 trucks and 35,000 trailers, filed for Chapter 11 bankruptcy protection in August. XPO’s acquisition requires the approval of the bankruptcy court.
In connection with the acquisition, XPO said it entered into a senior secured bridge term loan credit agreement with Credit Agricole Corporate and Investment Bank to borrow up to an aggregate amount of $870 million.