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Echo Global Soars 54% as It Embraces Jordan Company to Go Private

Published 09/10/2021, 11:51 AM
Updated 09/10/2021, 11:52 AM
© Reuters.
ECHO
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By Dhirendra Tripathi

Investing.com – Echo Global stock (NASDAQ:ECHO) soared nearly 54% Friday as the company agreed to merge with The Jordan Company and go private.

The private equity firm will acquire the supply chain company for $1.3 billion at $48.25 per share in cash.

The stock touched the acquisition price in today’s session before giving up a few cents.

The transaction is expected to be completed in the fourth quarter of 2021, a note by Echo said. The closing is not subject to a financing condition.

Echo said it will continue to build its technology and data science platform and enhance its offering to shippers and carriers.

The company’s second-quarter revenue rose 82% year-on-year to $934.5 million. Its management had guided for $3.50 billion in annual revenue at the midpoint of the range.

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