Echo Global Logistics stock rockets after deal to be acquired at a 54% premium

Shares of Echo Global Logistics Inc. ECHO, -2.06% rocketed 52.5% into grounds territory successful premarket trading Friday, aft the proscription and proviso concatenation institution announced an statement to beryllium acquired by backstage equity steadfast The Jordan Company L.P. successful a woody valued astatine $1.3 billion. Under presumption of the deal, Echo shareholders volition person $48.25 successful currency for each Echo stock they own, representing a 54.1% premium to Thursday's closing terms of $31.32, and 32.0% supra the May 5, 2021 grounds closing terms of $36.56. "I'm thrilled to spouse with TJC arsenic they bring important expertise and manufacture acquisition to alteration Echo to further accelerate our occurrence successful the market," said Echo Chief Executive Doug Waggoner. "In addition, having an experienced fiscal partner, with resources to money continued growth, volition effect successful a much accelerated enlargement of Echo's proviso concatenation capabilities, including each of the automation planned to alteration some our radical and our integer freight marketplace." Echo's banal has rallied 16.8% twelvemonth to day done Thursday, portion the Dow Jones Transportation Average DJT, -1.06% has precocious 15.5% and the S&P 500 SPX, -0.46% has rallied 19.6%.