• ITVI.USA
    15,360.600
    75.400
    0.5%
  • OTLT.USA
    2.768
    -0.011
    -0.4%
  • OTRI.USA
    21.410
    -0.010
    0%
  • OTVI.USA
    15,331.810
    75.820
    0.5%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
  • ITVI.USA
    15,360.600
    75.400
    0.5%
  • OTLT.USA
    2.768
    -0.011
    -0.4%
  • OTRI.USA
    21.410
    -0.010
    0%
  • OTVI.USA
    15,331.810
    75.820
    0.5%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
American ShipperShipping

Bermuda-based investment fund becomes XPO’s second biggest shareholder

Orbis Investment Management has increased its stake in the acquisition-heavy third-party logistics provider from less than 4 percent to over 12 percent, according to a filing with the U.S. Securities and Exchange Commission.

   Orbis Investment Management has increased its stake in the acquisition-heavy third-party logistics provider XPO Logistics Inc. from 3.7 percent to 12.35 percent, according to a filing with the U.S. Securities and Exchange Commission.
   Reports from the Wall Street Journal indicate the investment, valued at approximately $400 million, makes the Bermuda-based fund manager the second biggest shareholder in XPO.
   According to the firm’s website, Orbis was founded in 1989 by South African investor Allan Gray and currently controls more than $40 billion in assets under management.
   Greenwich, Conn.-based XPO, which has closed a number of major acquisitions this year across the contract logistics, less-than-truckload, and drayage industries, recently reported it exceeded its expectations for revenues and earnings before interest, tax, depreciation, and amortization in the third quarter of 2015.
   The company posted EBITDA of $166 million for the quarter, up from $24.2 million in the same 2014 period, on revenues of $2.4 billion, but year-over-year comparisons are of dubious value due to the volume of acquisitions XPO has undertaken. A third quarter net loss of $35.4 million, represented a 16th consecutive quarterly loss for the company.

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