Yellow Roadway Completes Acquisition of USF Corp.

May 24, 2005 10:00 AM, EDT

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ellow Roadway Corp. said Tuesday it completed the $1.37 billion acquisition of USF Corp.

The deal, announced by the two less-than-truckload carriers Feb. 27, was amended by Yellow Roadway May 2 when it changed the cash component from a 50-50 cash-stock deal to 65% cash and 35% stock.

That change eliminated the need for Yellow Roadway’s stockholders to approve the deal. USF’s stockholders approved the deal Monday.

Yellow's Chief Executive Officer Bill Zollars told CNBC Tuesday the move would make Yellow Roadway a $10 billion company.

Yellow Roadway had revenue of $6.8 billion last year, its first year as a combined company since Yellow Corp. and Roadway Corp. merged in December 2003.

USF had revenue of $2.4 billion last year. Yellow Roadway was ranked No. 3 in the 2004 Transport Topics 100 listing of North American for-hire carriers. USF was ranked No. 12.