Odyssey Logistics & Technology Corp. said Thursday it has entered into an agreement to acquire AFF Global Logistics.
Odyssey, headquartered in Danbury, Conn., has agreed to pay $465 million in a combination of cash and equity in its largest acquisition to date, according to the announcement. Odyssey will add more than 35 global locations and 600 employees, bringing its workforce to more than 2,400 worldwide.
Odyssey said it provides comprehensive multimodal service and technology solutions across a diverse customer base and AFF is a third-party logistics provider and freight forwarder with market leadership in providing door-to-door domestic forwarding for U.S. offshore markets in Alaska, Hawaii and Puerto Rico.
The company said the acquisition of AFF, headquartered in Fife, Wash., supports its core strategy of operating an asset-light logistics business with the scope and scale to be a critical partner to both shippers and carriers worldwide.
Bob Shellman, president and chief executive officer of Odyssey, said the acquisition continues the company’s “expansion into the complex global multimodal logistics services arena that often presents considerable competitive barriers to market entry.
“AFF’s load consolidation expertise, U.S. offshore markets coverage, warehouse network and Asia Pacific import business will markedly enhance Odyssey’s strong truck, rail, marine and facility networks,” Shellman said.
The transaction is expected to close by the end of the year and is subject to the satisfaction of customary closing conditions.
Odyssey, headquartered in Danbury, Conn., has agreed to pay $465 million in a combination of cash and equity in its largest acquisition to date, according to the announcement. Odyssey will add more than 35 global locations and 600 employees, bringing its workforce to more than 2,400 worldwide.
Odyssey said it provides comprehensive multimodal service and technology solutions across a diverse customer base and AFF is a third-party logistics provider and freight forwarder with market leadership in providing door-to-door domestic forwarding for U.S. offshore markets in Alaska, Hawaii and Puerto Rico.
The company said the acquisition of AFF, headquartered in Fife, Wash., supports its core strategy of operating an asset-light logistics business with the scope and scale to be a critical partner to both shippers and carriers worldwide.
Bob Shellman, president and chief executive officer of Odyssey, said the acquisition continues the company’s “expansion into the complex global multimodal logistics services arena that often presents considerable competitive barriers to market entry.
“AFF’s load consolidation expertise, U.S. offshore markets coverage, warehouse network and Asia Pacific import business will markedly enhance Odyssey’s strong truck, rail, marine and facility networks,” Shellman said.
The transaction is expected to close by the end of the year and is subject to the satisfaction of customary closing conditions.