UPS Inc. said today it has closed on its $1.8 billion acquisition of freight broker Coyote Logistics LLC, the largest acquisition in UPS' 108-year history.
In a statement, Atlanta-based UPS said it expects to benefit from "synergies in purchased transportation, backhaul utilization, cross-selling to customers, as well as technology systems and industry best practices." The move represents UPS' largest leap ever into the U.S. truckload market.
Coyote will remain in its Chicago home base and operate as a wholly owned subsidiary of UPS. Coyote CEO Jeff Silver will continue to lead the unit and report to Alan Gershenhorn, UPS' chief commercial officer.