09:27 AM EDT, 09/09/2024 (MT Newswires) -- RXO (RXO) said Monday it plans to make an offering of $350 million of shares to finance a portion of the planned acquisition of Coyote Logistics from UPS (UPS).

The underwriters of the offering will be given an option to buy up to an additional $52.5 million of shares, the company said.

RXO said the offering is not contingent on the consummation of the Coyote Logistics deal, which is expected to be completed by Sept. 20. If the deal is not completed, net proceeds will be used for general corporate purposes, the company said.

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