The Jordan Company to Acquire Echo Global Logistics for USD 1.3 Billion
Sep 10, 2021 By MarketDepth
Echo Global Logistics, Inc. (NASDAQ: ECHO) has reported entry into a definitive agreement to be acquired by funds managed by The Jordan Company, L.P. for USD 1.3 Billion. Echo stockholders will receive USD 48.25 per share in cash, or a 54% premium over Echo’s closing share price on September 9th, 2021. “I’m thrilled to partner with TJC as they bring significant expertise and industry experience to enable Echo to further accelerate our success in the market,” said Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer at Echo. “In addition, having an experienced financial partner, with resources to fund continued growth, will result in a more rapid expansion of Echo’s supply chain capabilities, including all of the automation planned to enable both our people and our digital freight marketplace.”
“We are impressed with Echo’s people, technology, and business results, since their founding in 2005, and are excited that Echo’s leadership selected TJC as their partner in this recapitalization. We strongly support the team’s vision for continued growth and look forward to partnering with them as we bring expanded financial resources and expertise to accelerate Echo’s technology leadership that has set the company apart from its competitors.”Brian Higgins, head of TJC’s logistics and supply chain vertical
This acquisition is subject to closing conditions.