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XPO Logistics Inc. sold its North American intermodal segment for about $710 million, further unwinding a sprawling transportation business built up through a decade of acquisitions.
The sale to freight and warehousing provider STG Logistics Inc., which XPO said was completed Thursday and was announced Friday, brings Greenwich, Conn.-based XPO closer to its goal of becoming a stand-alone provider of less-than-truckload services, in which shippers combine multiple loads on the same truck.
Stephens Inc. analysts wrote in a Friday note that XPO would likely use funds from the sale to pay down debt as it works toward an investment-grade credit rating.
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