- Supply chain solutions provider ArcBest ( NASDAQ: ARCB ) said Tuesday it would sell FleetNet America to a unit of Cox Enterprises for $100 million, saying the business is "no longer core to its growth strategy".
- The sale is effective February 28, 2023.
- On a preliminary basis, the company expects to receive about $75 million, and expects to record an estimated after-tax gain of about $50 million from the transaction.
- Additionally, the company also announced it has increased the total amount available under its stock repurchase program to $125 million.
- Press Release .
- Seeking Alpha contributor Investigating The Stock Market recently laid out a "Buy" case for ARCB .
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ArcBest sells FleetNet America for $100M, bumps up stock buyback to $125M