XPO - XPO Starts Opening Terminals Acquired from Yellow | Benzinga
XPO purchased 26 owned terminals and two leased locations from Yellow in the estate's first auction in December. XPO's $870 million bid for the terminals represented the largest allocation of Yellow's properties at the time. XPO was not active in a second auction where privately held Estes added five locations to bring its total acquisitions from Yellow to 29 properties. However, the value of those sites ($284 million) is one-third that of XPO's acquisition.
The three facilities XPO has opened are in the Nashville, Tennessee area; Grand Junction, Colorado; and Nogales, Arizona. The Nashville location has 100 doors and is the first of two sites that the company will open in that market during the second quarter.
"Our first three acquired facilities have launched on schedule, following our landmark investment in our network" stated XPO CEO Mario Harik in a news release. "With a deeper presence in strategic markets, we are introducing new premium services and expanding our existing offerings, such as our cross-border service with Mexico."