ArcBest Corp. on Wednesday said it has agreed to acquire a Chicago-based truckload broker MoLo Solutions LLC.
The deal, expected to close by the end of the year, will create "a Top 15 U.S. truckload broker with access to over 70,000 carrier partners," ArcBest said in a news release.
The company plans to make a cash payment of $235 million to MoLo during the fourth quarter, with potential for additional payments through 2025.
With the acquisition, ArcBest has access to MoLo's connections and assets, and MoLo is able to offer services it could not before. The brokerage startup was attractive for a number of reasons, including its digital and technology capabilities, said Judy McReynolds, ArcBest chairman, president and chief executive, in an investor call.
Founded in 2017, MoLo is considered by Inc. Magazine to be one of the fastest-growing private companies in America, generating $274 million in revenue last year. It is on track to reach $600 million in 2021.
ArcBest shares fell more than 1%, or 91 cents, to close Wednesday at $76.78 on the Nasdaq stock exchange.
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September 30, 2021 at 11:09PM
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