8/24/2011 11:00:00 AM
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Roadrunner Transportation Systems said it will purchase Prime Logistics Corp., a third-party logistics firm, for $97.5 million.
In a statement Tuesday, Roadrunner CEO Mark DiBlasi described the transaction as â€œstrategically beneficial for both companies.â€�
Prime will provide Roadrunner with enhanced logistics and consolidation capabilities, while Roadrunner will give Prime more cost-efficient less-than-truckload services and expanded truckload capabilities, DiBlasi said.
Roadrunner CFO Peter Armbruster said the company expects the deal to immediately increase its earnings per share.
The parties expect to close the transaction on or before Sept. 15, Roadrunner said.
Roadrunner is ranked No. 38 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
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