C.H. Robinson to Buy Phoenix Intl. for $635 Million

Third-party logistics company C.H. Robinson Worldwide said Tuesday it will buy international freight forwarder Phoenix International for $635 million in cash and stock.

C.H. Robinson said it will pay $571.5 million in cash and $63.5 million in newly issued stock for the Chicago-based company.

The transaction is set to close in the fourth quarter, C.H. Robinson said.

Phoenix generated net revenue of $161 million in the fiscal year ended June 30, according to C.H. Robinson, and has more than 2,000 employees in 74 offices worldwide.

Earlier this month, C.H. Robinson bought Apreo Logistics for an undisclosed amount.

C.H. Robinson ranks No. 6 on the Transport Topics Top 50 list of the largest logistics companies in the United States, Canada and Mexico.