secwatch.observer — SEC 8-K summary
======================================

Issuer:     RXO, Inc. (RXO)
CIK:        0001929561
Form:       8-K
Filed at:   2024-06-24T23:59:59+00:00
Accession:  0001104659-24-074147
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

RXO acquires UPS's Coyote Logistics for $1.025B to become #3 North American freight broker
--------------------------------------------------------------------------------

- Purchase price $1.025B cash; deal expected to close by end of 2024, subject to HSR and customary conditions.
- Acquired business 2023 revenue ~$3.2B, gross margin ~$470M, adjusted EBITDA ~$86M; annual cost synergies of at least $25M.
- Financing: $550M equity from MFN Partners and Orbis Investments, plus $1.1B bridge loan from Goldman Sachs; leverage-neutral.
- Transaction immediately accretive to adjusted diluted EPS and adjusted free cash flow; Q2 2024 EBITDA outlook reaffirmed at $24-30M.
- UPS contract for brokered transportation extends through January 2030.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1929561/000110465924074147/0001104659-24-074147-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1929561/000110465924074147/tm2417822d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-074147

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer