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April 1, 2014 10:25 AM, EDT
XPO Completes Pacer Acquisition
Sean Lamb/Wikimedia

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.