Davis Polk advised Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. as joint book-running managers on an SEC-registered offering of 9,694,027 shares of common stock of XPO Logistics, Inc. (XPO). XPO intends to use the net proceeds of the offering, together with cash on hand, to finance its acquisition of 3PD Holding, Inc., the largest non-asset, third-party provider of heavy goods, last-mile logistics in North America, and to pay related fees and expenses. The net proceeds of the offering were approximately $209 million. The underwriters have a 30-day option to purchase up to an additional 1,454,104 shares of XPO’s common stock.

XPO is one of the fastest growing providers of non-asset transportation logistics services in North America. The company's three business segments - freight brokerage, expedited transportation and freight forwarding - use relationships with more than 22,000 ground, sea and air carriers to move freight for over 8,500 customers in the manufacturing, industrial, retail, commercial, life sciences and government sectors. XPO operates at 62 locations in the United States and Canada.

The Davis Polk capital markets team included partner Michael Kaplan, associate Jonathan C. Pentzien and law clerk Joseph W. Clementz. The credit team included partner Jason Kyrwood and associates Andrei Takhteyev and Yuli Wang. The tax team included partner Kathleen L. Ferrell and law clerk Isaac MacDonald. Karla A. Rivera Fortis was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office