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It seems Chicago may be in for its next billion dollar acquisition.
According to a report by Bloomberg Business, United Parcel Service Inc. is in talks to buy Coyote Logistics, a Chicago-based transport-management solution, for a whopping $1.8 billion.
The report said a deal could be reached as soon as this month. No agreement has been finalized, according to one of the report’s sources, and discussions could potentially lead nowhere.
Backed by New York-based private equity firm Warburg Pincus, the company had a reported revenue of around $2 billion last year. Coyote manages freight movement for industries from consumer and industrial goods to retail and healthcare.
If a deal were struck, it would follow a trend of larger logistics deals this year. In April, FedEx Corp bought out Dutch delivery service TNT Express for $4.8 billion, and the fellow billion-dollar acquisition of Norbert Dentressangle SA by XPO Logistics Inc. followed shortly thereafter.
Coyote currently operates at 17 different locations and employees about 1,750 employees.
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