U.S. Markets closed

XPO Logistics to pay $365M for logistics company

GREENWICH, Conn. (AP) -- The freight management company XPO Logistics is buying retail shipping logistics provider 3PD for $365 million.

XPO's revenue for the most recent fiscal year was $319 million, the company said.

The deal will "immediately and significantly" add to profits, XPO said.

XPO will pay $357 million in cash and $8 million in XPO restricted stock. To pay for the deal, it's borrowing $195 million from Credit Suisse Group and using its own cash to pay for the rest.

Shares of XPO Logistics Inc., based in Greenwich, Conn., rose $2.21, or almost 12 percent, to $21.18 in afternoon trading.