(The Billings Gazette posted the following article on its website on August 8.)
RICHMOND, Va. — United Parcel Service Inc. completed its $1.25 billion acquisition of Richmond-based Overnite Corp. yesterday.
The all-cash transaction, for $43.25 per share, was approved by shareholders of the trucking company on Thursday.
“UPS welcomes the employees of Overnite as members of the team,” Mike Eskew, UPS chairman and CEO, said in a statement. “A top U.S. motor freight carrier is now a UPS company. Our customers will benefit since we can provide the broadest portfolio of transportation and logistics services to better serve their needs.”
Overnite serves more than 60,000 customers in the less-than-truckload and truckload segments in North America, Puerto Rico, Guam and the U.S. Virgin Islands.
“Overnite has a strong management team that will continue to run the business,” Eskew said.
Atlanta-based UPS is a worldwide package delivery company operating in more than 200 countries and territories.
Overnite was spun off from Union Pacific Corp. in October 2003 through an initial public offering of stock at $19 a share. Union Pacific bought the company in 1986 for $1.2 billion from founder and local resident J. Harwood Cochrane.