UPS completes acquisition of Overnite
UPS (NYSE:UPS) today announced it has completed the acquisition of Overnite Corporation (NASDAQ: OVNT) for US$43.25 per share, or approximately US$1.25 billion in an all-cash transaction.
Overnite shareholders approved the transaction yesterday. Based in Richmond, Va., Overnite reported net income of US$63.3 million in 2004 on revenue of US$1.65 billion. The carrier serves more than 60,000 customers in the less-than-truckload (LTL) and truckload (TL) segments. It has operations in the U.S., Canada, Mexico, Puerto Rico, Guam and the U.S. Virgin Islands.
“UPS welcomes the employees of Overnite as members of the team,” said Mike Eskew, UPS chairman and CEO. “A top U.S. motor freight carrier is now a UPS company. Our customers will benefit since we can provide the broadest portfolio of transportation and logistics services to better serve their needs.
“Overnite has an extensive transportation network, a strong focus on operational efficiency and flexibility and a good mix of large- and middle-market customers,” Eskew continued. “Additionally, Overnite has a strong management team that will continue to run the business.”
UPS is the world’s largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. UPS’s stock trades on the New York Stock Exchange (UPS) and the company can be found on the Web at UPS.com.
