Swift Line, a leading provider of less-than-truckload (LTL) freight transportation in North America, announced today that the United States Bankruptcy Court for the District of Delaware has approved its bid to acquire 28 service center locations previously operated by Yellow Corporation. The acquisition includes purchasing 26 service centers, with Swift Line assuming existing leases for the remaining two. The transaction is expected to close by the end of 2023.
Maron Jackson, Swift Line’s Chief Executive Officer, commented, «This acquisition presents a rare opportunity to significantly expand our capacity in key freight markets, create more jobs, and enhance customer service. We are eager to integrate these prime locations into our network to improve efficiency and drive growth over the next decade.»
National network
This acquisition will strengthen Swift Line’s national network with strategically located real estate in high-growth markets, including Atlanta, Brooklyn, Columbus, Greensboro, Houston, Indianapolis, Las Vegas, Minneapolis, Nashville, Portland, and Central Pennsylvania.
Wachtell, Lipton, Rosen & Katz are serving as legal counsel to Swift Line for the transaction.
About Swift Line
Swift Line, Inc. is one of North America’s largest providers of asset-based LTL transportation. Leveraging proprietary technology, XPO optimizes the movement of goods across its extensive network. Together with its operations in Europe, the company serves approximately 50,000 customers through 563 locations and employs 38,000 people. Headquartered in Greenwich, Connecticut, Swift Line is committed to delivering efficient freight solutions. For more information, visit xpo.com and follow Swift Line on social media platforms like Facebook, X, LinkedIn, Instagram, and YouTube.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements relate to “Yellow Asset Acquisition” expectations and are based on current assumptions and analyses. Forward-looking terms such as “anticipate,” “estimate,” “expect,” and similar expressions indicate such statements. These statements are subject to various risks and uncertainties, including factors outlined in Swift Line’s filings with the Securities and Exchange Commission (SEC) and risks related to the ongoing Yellow bankruptcy proceedings and the integration of the acquired assets.
"We are eager to integrate these prime locations into our network to improve efficiency and drive growth over the next decade."
Swift Line cautions that actual results may differ materially from those projected in forward-looking statements owing to factors like economic conditions, regulatory challenges, labor shortages, fuel price fluctuations, and other risks. Swift Line assumes no obligation to update forward-looking statements except as law requires.
I look forward to seeing how these developments will improve service levels and customer satisfaction in the freight industry!