C.H. Robinson Worldwide acquired freight forwarder Phoenix International for $571.5 million in cash and about $63.5 million in new C.H. Robinson stock.
The acquisition greatly increases the international reach of $10.3 billion C.H. Robinson, the largest domestic third-party logistics and freight broker.
Phoenix International, an $807 million company, will bring greater scale and density to C.H. Robinson’s international forwarding network, the company said.
Chicago-based Phoenix, founded in 1979, has more than 15,000 customers worldwide and 76 offices in 15 countries. The company’s services include ocean and air freight forwarding and customs brokerage.
C.H. Robinson has 37,000 customers worldwide and offers ocean and air freight forwarding services. However, 75 percent of the 107-year-old company’s transportation revenue in the first half of 2012 was from truck transportation.
The Minneapolis-based 3PL purchased Polish freight forwarder Apreo Logistics earlier this month.
"We see significant long-term opportunity in international forwarding as global trade expands, scale and technology continue to become more important, and shippers increasingly look to transportation providers to provide global services,” John Wiehoff, C.H. Robinson Worldwide chairman and CEO, said in a statement.
The companies expect the acquisition to close in the fourth quarter of 2012.