Monitor regulatory approval process (HSR and other antitrust) and RXO stockholder vote timeline. The 57% cash / 43% stock mix and proration mechanics create a dynamic for arbitrageurs. C.H. Robinson's pause on share repurchases until leverage target is reached (1.75x-2.25x net debt/EBITDA by end of 2028) is a key post-close capital allocation signal.
Price Chart
Executive Summary
C.H. Robinson (CHRW) will acquire RXO in a stock-and-cash transaction valued at $5.8 billion. RXO stockholders will receive $17.25 in cash and 0.0856 CHRW shares per RXO share, implying $30.25 total consideration. The deal is expected to close in H1 2027, subject to regulatory and RXO stockholder approvals. A $175M termination fee applies under certain circumstances. MFN Partners, holding ~17% of RXO, has agreed to vote in favor.
Key Financial Metrics
Key Facts
- C.H. Robinson to acquire RXO for implied $5.8B total value
- Consideration: $17.25 cash + 0.0856 CHRW shares per RXO share, implying $30.25/share
- Premium: 27% to RXO 90-day VWAP, 29% to Oct 2 closing price
- Expected net run-rate cost synergies of $300M within 2 years post-close
- Transaction expected to close in first half of 2027
- Termination fee of $175M payable by RXO under certain conditions
- MFN Partners (~17% owner) entered into voting and support agreement to vote in favor
- C.H. Robinson obtained $4.5B bridge facility commitment from Morgan Stanley
- RXO stockholders expected to own 11% of combined company
- Combined company enterprise value over $25B
Financial Impact
Implied transaction value of $5.8 billion; expected $300 million net run-rate cost synergies within 2 years; combined enterprise value over $25 billion
Risk Factors
- Regulatory antitrust review could delay or block the transaction
- Failure to obtain RXO stockholder approval
- Integration risks and failure to achieve $300M cost synergies
- C.H. Robinson's leverage increases materially post-close until de-leveraging occurs
- Market risk from freight cycle downturn affecting combined company performance
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-038548 |
| Document: ef20083265_ex10-1.htm | 0001140361-26-038548 |
| Document: ef20083265_8k.htm | 0001140361-26-038548 |
| Document: ef20083265_ex99-1.htm | 0001140361-26-038548 |
| Document: 0001140361-26-038548-index-headers.html | 0001140361-26-038548 |
| Document: 0001140361-26-038548-index.html | 0001140361-26-038548 |
| Document: 0001140361-26-038548.txt | 0001140361-26-038548 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | 425 | $29.08 $28.60 | ▼ −1.65% | ▲ +0.32% | $28.68 (−1.38%) |
Oct 8, 2026 18d ago | 425 | $29.08 $28.60 | ▼ −1.65% | ▲ +0.32% | $28.68 (−1.38%) |
Oct 6, 2026 20d ago | 425 | $28.36 $28.69 | ▲ +1.16% | ▲ +2.14% | $28.68 (+1.13%) |
Oct 6, 2026 20d ago | 425 | $28.36 $28.69 | ▲ +1.16% | ▲ +2.14% | $28.68 (+1.13%) |
Oct 6, 2026 20d ago | 425 | $28.36 $28.69 | ▲ +1.16% | ▲ +2.14% | $28.68 (+1.13%) |
Oct 6, 2026 20d ago | 425 | $28.36 $28.69 | ▲ +1.16% | ▲ +2.14% | $28.68 (+1.13%) |
Oct 5, 2026 21d ago | 425 | $28.54 $28.60 | ▲ +0.21% | ▲ +0.35% | $28.68 (+0.49%) |
Oct 5, 2026 21d ago | SC 13D | $28.54 $28.60 | ▲ +0.21% | ▲ +0.35% | $28.68 (+0.49%) |
Oct 5, 2026 21d ago | 425 | $28.54 $28.60 | ▲ +0.21% | ▲ +0.35% | $28.68 (+0.49%) |
Oct 5, 2026 21d ago | 425 | $28.54 $28.60 | ▲ +0.21% | ▲ +0.35% | $28.68 (+0.49%) |
US Market Status
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