XPO approved to buy 28 service centers as part of Yellow’s bankruptcy

XPO (XPO) announced that the United States Bankruptcy Court for the District of Delaware has approved the company’s offer to acquire 28 service center locations previously operated by Yellow Corporation (YELL). XPO will purchase 26 service centers and assume existing leases for the other two locations. The transaction is expected to close by the end of 2023. Mario Harik, chief executive officer of XPO, said, “This acquisition of real estate is a once-in-a-generation opportunity to increase capacity in critical, growing freight markets, create more jobs and serve our customers even more effectively. We look forward to integrating these prime sites to enhance network efficiency and drive our next decade of growth.” The transaction will complement XPO’s national network with prime real estate in fast-growing freight markets, including Atlanta, Brooklyn, Columbus, Greensboro, Houston, Indianapolis, Las Vegas, Minneapolis, Nashville, Portland and Central Pennsylvania. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to XPO in connection with this transaction.