UPS said Friday it has agreed to buy truckload freight brokerage Coyote Logistics from private-equity firm Warburg Pincus in a deal valued at $1.8 billion. UPS will finance the deal with cash on hand and debt, the parcel delivery company said in a statement. The deal is expected to boost 2016 earnings and to close within 30 days. “The brokered full-truckload freight segment is a high growth market and we expect it will continue to outpace other transportation segments,” UPS Chief Executive David Abney said in a statement. Coyote operates by arranging freight shipments on members of its network, which numbers more than 35,000 trucking companies. The company had annual revenue of $2.1 billion in 2014. UPS shares were not yet active in premarket trade, but are down 9% in the year so far, while the S&P 500 has gained 2.4%.
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