XPO Logistics Inc. said it completed the acquisition of Pacer International Inc., an intermodal and logistics management company, for $335 million in cash and stock.
XPO, based in Greenwich, Conn., paid the cash portion of the purchase of Dublin, Ohio-based Pacer with part of the proceeds of a recent stock offering.
“Our acquisition of Pacer makes us a major player in the fast-growing intermodal sector, and the largest intermodal provider in cross-border Mexico,” XPO Logistics CEO Bradley Jacobs said.
Pacer’s former CEO, Daniel Avramovich, was named senior vice president of strategic development at XPO.
XPO now is the third-largest intermodal provider in North America, trailing J.B. Hunt Transport Services and Hub Group Inc.