C.H. Robinson signed a definitive agreement on 4 October 2026, announced the following day, to acquire RXO in a cash-and-stock transaction implying a value of $5.8 billion (around €5 billion). RXO’s operations will mainly be integrated into the acquirer’s North American Surface Transportation (NAST) division, strengthening its position in US road freight brokerage and last-mile logistics. Completion is expected in the first half of 2027, subject to approval by RXO shareholders, regulatory clearances and other customary closing conditions.
For each RXO share, shareholders will receive $17.25 in cash and 0.0856 C.H. Robinson shares. On this basis, the joint statement calculates a value of $30.25 per share (around €26), using Robinson’s volume-weighted average share price over the 16 trading days ending on 2 October, equal to $151.88. The number of Robinson shares is fixed, meaning that the value of the stock component will fluctuate with the share price until closing. The consideration represents a 29% premium to RXO’s closing price on 2 October and a 27% premium to its 90-day volume-weighted average price. Shareholders may also elect to receive $30.25 entirely in cash or 0.1992 Robinson shares. However, the document filed by RXO with the SEC provides for proration mechanisms designed to maintain the overall consideration at approximately 57% cash and 43% shares. Once the transaction is completed, existing RXO shareholders will own around 11% of the combined group, which the statement values at an enterprise value of more than $25 billion (around €22 billion). The agreement sets 4 July 2027 as the initial deadline for completion, which may be extended twice by three months if certain regulatory approvals remain outstanding.
The scale of the two groups highlights the significance of the transaction. Company estimates for 2026 indicate gross revenues of $18.4 billion (around €16 billion) for Robinson, of which about 73% comes from the NAST division and 18% from global forwarding. RXO estimates revenues of $6.8 billion (around €5.9 billion), with 73% generated by brokerage and 19% by last-mile operations. According to the investor presentation, the combined network of the two companies includes around 93,000 customers and 600,000 carriers. This figure refers to intermediated capacity, not to an owned fleet. RXO’s last-mile operations also extend well beyond small parcels. They account for more than 11 million deliveries a year, including furniture, appliances and mattresses, with assembly and installation services. In 2025, automotive represented 6% of RXO’s gross revenue, behind retail and e-commerce, manufacturing and food. Through RXO, Robinson will also acquire Coyote Logistics, which RXO purchased from UPS for $1.025 billion (around €890 million), in a transaction completed on 16 September 2024 that made RXO the third-largest road freight broker in North America.
The rationale for this major transaction centres on productivity, broader service capabilities and greater network density. Integrating the two companies will also expand the proprietary data available for sales, load-to-carrier matching and capacity procurement. On this basis, Robinson is targeting $300 million (around €260 million) in annual net synergies at full run-rate, to be achieved within two years of closing. Several strategic measures have already been identified: the Navisphere platform will become the core system for the combined truckload and less-than-truckload operations; Robinson’s artificial intelligence agents will be deployed across RXO workflows; some savings will come from real estate consolidation and migration to third-party suppliers already used by Robinson; and RXO technologies for expedited freight and last-mile services will be assessed as complementary components. Until closing, the two companies will continue to operate separately and carriers will retain their current contacts. The acquisition documents do not mention any plans for Europe or Italy. Robinson had already sold its European road transport operations to sennder, effective from 1 February 2025.
Antonio Illariuzzi
