Transport Topics (Feb. 23, 2022)
Engine maker Cummins Inc. is acquiring components manufacturer Meritor in a $3.7 billion cash deal announced yesterday. The total transaction value \u2014 at a price of $36.50 a share of Meritor stock \u2014 includes assumed debt and net of acquired cash. The purchase price is 48% higher than the $24.67 per share that Meritor\u2019s stock closed at Feb. 18. In addition to commercial drivetrain, braking and other truck parts, Meritor has moved aggressively into developing parts for electric vehicles. In another major deal, GXO Logistics announced Sunday its plans to acquire United Kingdom-based Clipper Logistics. GXO has not yet made a formal offer, but the agreed-upon terms indicate a price estimated to be $1.3 billion. Clipper provides logistics services for several European retailers.\nLearn more about your ad choices. Visit podcastchoices.com/adchoices