XPO to buy bankrupt Yellow's service centers for $870 mln; shares fall

Yellow

05/12/2023 15:09

** Freight transportation services provider XPO  XPO.N  
shares fall 3.23% to $85.91 
    ** Co won a bid to buy 28 service centers of bankrupt
logistics firm Yellow Corp for $870 million in an auction on
Tuesday 
    ** XPO expects the deal to add to core profit in 2024 and
adjusted profit per share from continuing operations from 2025 
    ** Sixteen of 23 brokerages rate the stock "buy" or higher,
6 "hold" and 1 "sell"; their median PT is $90
    ** YTD, XPO up 6.30% 

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.parmar@thomsonreuters.com))