05:04 AM EDT, 09/10/2024 (MT Newswires) -- RXO (RXO) said Tuesday it has upsized a public offering of common stock to $500 million from the initial $350 million, pricing about 19.2 million common shares at $26 apiece.

Underwriters have been granted an option to purchase up to about 2.9 million additional shares.

The offering is expected to close on Wednesday, subject to customary closing conditions.

RXO plans to use the net proceeds from the offering to finance part of its pending acquisition of Coyote Logistics, UPS' (UPS) freight brokerage business.

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