Marking the latest in a string of deals this year so far, XPO Logistics Inc. (XPO) announced late Wednesday a $3 billion cash and debt deal to acquire Con-Way Inc. (CNW). Terms of the deal call for Greenwich, Conn.-based XPO to pay $47.60 per share for Con-way, a premium of 32% to the target’s Tuesday close. XPO will also assume about $290 million in debt. The deal is valued at about 5.7 times Con-way’s consensus full year Ebitda of $528 million. The deal for Ann Arbor, Mich.-based Con-way is XPO’s second large transaction this year, following the company’s April a‚¬3.24 billion ($3.53 billion) purchase of France’s Norbert Dentressangle SA. XPO has been a prolific acquirer under CEO Brad Jacobs, who since taking over in 2011 has used a steady stream of purchases to catapult the one-time regional transportation brokerage into the top 10 worldwide in transport services.
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