backOn June 23, 2024, UPS announced it has entered into an agreement to sell its Coyote Logistics business unit to RXO, Inc., for $1.025 billion. The transaction is expected to close by the end of the year, subject to regulatory review and approval.
Based in Chicago, Coyote Logistics is a leading global third-party logistics (3PL) provider, working with 100,000 network carriers and managing 10,000 loads per day. UPS is one of the world’s largest companies, with 2023 revenue of $91.0 billion, and provides a broad range of integrated logistics solutions for customers in more than 200 countries and territories. RXO is a leading provider of asset-light transportation solutions, headquartered in Charlotte.
The King & Spalding team advising UPS on the sale consisted of Rahul Patel, John Hyman, Josh Kamin, Thomas Knox, Jeffrey Spigel, Salomé Cisnal De Ugarte, Scott Petty, John Sweet, Sam Choy, Sydney Lampard, Tessa Cranfield, Jesse Pauker, Steve Cave, Les Oakes, Mike Taylor, and Courtney Trombly. The UPS press release announcing the sale can be found here. RXO’s 8-K and press release announcing the transaction can be found here.