XPO, Inc. (NYSE:XPO) selected as the successful bidder to acquire 28 service centers from Yellow Corporation (OTCPK:YELL.Q) for approximately $870 million on November 28, 2023. XPO, Inc. (NYSE:XPO) entered into an asset purchase agreement to acquire 28 service centers from Yellow Corporation (OTCPK:YELL.Q) on December 4, 2023. As part of the agreement, XPO will assume certain liabilities related to the 28 service centers, including liabilities under the three leases, and certain cure costs required to be paid pursuant to Chapter 11 of the U.S. Code. Concurrently, on December 4, 2023, XPO entered into a senior secured bridge term loan credit agreement with Credit Agricole Corporate and Investment Bank, to borrow up to an aggregate amount of $870 million (the ?Bridge Facility?), to be borrowed on or prior to March 7, 2024. The proceeds of the Bridge Facility, together with cash on hand, will be used to finance the Yellow Asset Acquisition. XPO also intends to commence a private offering of $585 million in aggregate principal amount of senior unsecured notes due 2032 and seek commitments for $400 million in new incremental senior secured term loans maturing 2031 under its existing term loan facility. XPO intends to use the net proceeds from the Financing Transactions, together with cash on hand, to finance the Yellow Asset Acquisition and/or repay amounts outstanding under the Bridge Facility, to repay in full XPO's existing 6.250% Senior Notes due 2025, to pay fees, costs and expenses related to the Financing Transactions, the repayment of the Existing Notes and the Yellow Asset Acquisition. The transaction is subject to approval by U.S. Bankruptcy Court for the District of Delaware. The transaction is expected to close by the end of 2023. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to XPO in connection with the Yellow Asset Acquisition and the Financing Transactions. As of December 12, 2023, United States Bankruptcy Court for the District of Delaware has approved the deal. Kirkland & Ellis LLP and Goodmans LLP acted as a legal advisor to XPO, Inc. (NYSE:XPO).

XPO, Inc. (NYSE:XPO) completed the acquisition of 28 service centers from Yellow Corporation (OTCPK:YELL.Q) for approximately $920 million on December 20, 2023. XPO acquired 28 LTL service centers for a purchase price of $918 million, including a cash payment of $870 million, the assumption of certain liabilities and direct transaction costs.