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Echo Global Logistics Inc. has agreed to sell itself to private-equity firm Jordan Co. LP for about $1.3 billion in cash, the companies said.
The take-private deal values Echo at $48.25 a share, representing a roughly 54% premium over its closing price Thursday, the companies said Friday.
The deal will provide Echo with additional resources and more flexibility to continue building its technology and data science platform, the companies said.
"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," said Doug Waggoner, Echo's chairman and chief executive.
The companies expect the deal to close in the fourth quarter.
The take-private deal values Echo at $48.25 a share, representing a roughly 54% premium over its closing price Thursday, the companies said Friday.
The deal will provide Echo with additional resources and more flexibility to continue building its technology and data science platform, the companies said.
"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," said Doug Waggoner, Echo's chairman and chief executive.
The companies expect the deal to close in the fourth quarter.