UPS Agrees to Buy Overnite for $1.25 Billion
NEW YORK – United Parcel Service Inc. (UPS) on May 16, 2005, said it agreed to acquire Overnite Corp. for about $1.25 billion to expand its ground freight services in North America, according to Reuters. Atlanta-based UPS said it would pay $43.25 a share for Overnite. It said the acquisition is expected to close during the third quarter, pending regulatory approvals, according to Reuters. Adding Richmond, Va.-based Overnite will add a variety of "less-than-truckload" and "truckload" freight services, said UPS.