<p><strong>Minneapolis, MN</strong><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> C.H. Robinson Worldwide has announced plans to acquire Phoenix International. C.H. Robinson has reached a stock purchase agreement to acquire the freight forwarder for $571.5 million in cash and an estimated $63.5 million in newly-issued C.H. Robinson stock, according to a press release.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Phoenix currently serves approximately 15,000 customers globally and primarily provides international freight forwarding services, including ocean, air, and customs brokerage. Headquartered in Chicago, Illinois, Phoenix has approximately 2,000 employees, located in 76 offices in 15 countries.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> The acquisition is subject to certain customary closing conditions and is expected to occur in the fourth quarter of 2012. The privately-held international freight forwarder, in its most recently completed fiscal year, generated gross revenues of approximately $807 million, net revenues of approximately $161 million and adjusted operating income of approximately $48 million.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> “Phoenix is a high quality growth company that brings additional expertise and scale to a key part of our long term growth strategy,” said John Wiehoff, C.H. Robinson Chairman and Chief Executive Officer. “Along with their proven track record of success, Phoenix has strong customer and carrier relationships, a talented management team and excellent people, and a performance-based company culture that is very similar to Robinson’s.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Mr. Wiehoff continued, “We see significant long-term opportunity in international forwarding as global trade expands, scale and technology continue to become more important, and shippers increasingly look to transportation providers to provide global services. Together, Robinson and Phoenix will be in a strong competitive position to capitalize on those growth opportunities and continue expanding our market share.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.chrobinson.com/en/us/Freight-Services" target="_new"> C.H. Robinson Worldwide </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
