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Echo Global Logistics (Nasdaq: ECHO) has been acquired by The Jordan Company for $48.25 per share in cash, effective Nov. 23, 2021. The acquisition, which follows a comprehensive review by Echo's Board of Directors, aims to enhance the company’s long-term growth strategy and operational capabilities. Doug Waggoner, Echo's CEO, and Brian Higgins from TJC expressed optimism about the partnership, emphasizing technology investments to bolster business results. Following the merger, Echo's stock trading on Nasdaq has been suspended.
Echo Global Logistics (Nasdaq: ECHO) announced that stockholders have approved the merger with Einstein Merger Sub, Inc., a wholly owned subsidiary of Einstein MidCo, LLC, affiliated with The Jordan Company. The merger is set to close on November 23, 2021. This strategic merger is expected to enhance Echo's capabilities in technology-enabled transportation and supply chain management. The company leverages a proprietary web-based platform to connect with over 50,000 transportation providers, serving approximately 35,000 clients across diverse industries.
Thryv Holdings will join the S&P SmallCap 600 index effective November 24, 2021, replacing Echo Global Logistics. This change follows the announcement of The Jordan Company acquiring Echo Global Logistics in a deal expected to close soon. The inclusion of Thryv Holdings in the index reflects its growing significance in the market, specifically within the Communication Services sector. This update is crucial for investors as index changes can influence stock performance and investor perception.
Echo Global Logistics (NASDAQ: ECHO) has been recognized in the Top Green Providers list for 2021 by Food Logistics, marking the fifth time the company has received this accolade. This recognition underscores Echo's commitment to sustainability and reducing the carbon footprint in the food and beverage supply chain. Echo collaborates with the U.S. EPA’s SmartWay® Transport program, sharing data to track transportation-related emissions. The company’s technology enhances operational efficiencies, promoting eco-friendly practices and is certified under ISO 14001:2015.
Echo Global Logistics reported strong financial results for Q3 2021, with revenue up 42.5% to $985.6 million and net income rising to $18.9 million. The company announced a merger agreement with The Jordan Company, valuing the deal at $48.25 per share, approximately $1.3 billion. Due to the merger, Echo will not provide fiscal 2021 outlook or hold a call to discuss Q3 results. Key highlights include a 51.2% increase in truckload revenue and an 83.2% growth in Adjusted EBITDA to $40.2 million, showing robust operational performance amid strategic changes.
Echo Global Logistics (NASDAQ: ECHO) announces that its Senior VP of Marketing, Christopher Clemmensen, has been recognized as one of the 2021 Notable Executives in Marketing by Crain's Chicago Business. With over 25 years of experience, Clemmensen has significantly impacted Echo's marketing strategy, driving client loyalty programs and generating millions in revenue through successful campaigns. His leadership during 2020's challenges, including the pandemic, was pivotal in maintaining Echo's strong growth amid market changes.
Echo Global Logistics has announced a definitive agreement to be acquired by The Jordan Company for approximately $1.3 billion. Shareholders will receive $48.25 per share in cash, reflecting a 54% premium over the last closing price and a 32% premium over its all-time high. The deal, unanimously approved by Echo's Board, is expected to close in Q4 2021 and aims to enhance Echo's technology and operational capabilities with TJC's expertise and resources.
Echo Global Logistics (NASDAQ: ECHO) reported remarkable financial results for Q2 2021, with revenue soaring by 81.6% year-over-year to $934.5 million. Gross profit also increased by 59.1% to $132.2 million. Notably, net income rose to $18.4 million from $1.0 million in Q2 2020, resulting in fully diluted EPS of $0.69. The company raised its revenue guidance for the full year to between $3.45 billion and $3.55 billion, anticipating 39% year-over-year growth. CEO Doug Waggoner highlighted strong execution and strategic technology investments driving these results.
