XPO Logistics stock soars nearly 9% after company to split itself into two businesses

XPO Logistics Inc. stock rallied more than 8% in the extended session Tuesday after the logistics company announced plans to split itself into two publicly traded companies, a deal it said would be tax-free to shareholders. One of the companies would encompass XPO’s freight brokerage business, which matches loads from shipping customers to available trucks to carry them, and the other its U.S. trucking business. Its European business and North American intermodal operations would be sold. The company said it expects to complete the spin-off in the fourth quarter of 2022, subject to various conditions, including a final approval of the XPO board of directors. In a presentation to shareholders, XPO pegged 2021 revenue from its freight brokerage company at $4.8 billion, and from the trucking business at $4.1 billion. Shares of XPO ended the regular trading day up 2.7%.

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