C.H. Robinson to Buy Phoenix International for $635 Million
C.H. Robinson Worldwide said it agreed to buy Phoenix International for $571.5 million in cash and about $63.5 million in newly-issued C.H. Robinson stock, subject to regulatory approval and conditions. Closing is expected in the fourth quarter, it said. Phoenix…
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is a privately-held international freight forwarder, with net revenue of about $161 million in the fiscal year ended June 30, and operating income of about $48 million, it said. It provides international freight forwarding services, including ocean, air, and customs brokerage to about 15,000 customers. It has about 2,000 employees in 76 offices in 15 countries.