Winston & Strawn represented Echo, while Kirkland & Ellis represented TJC in the transaction.
Echo Global Logistics, Inc. (Nasdaq: ECHO) (“Echo”), a leading provider of technology-enabled transportation and supply chain management services, entered into a definitive agreement to be acquired by funds managed by The Jordan Company, L.P. (“TJC”), a global private equity firm, for an equity value of approximately $1.3 billion.
Through this transaction, Echo will become a private company which it expects will provide additional resources and greater flexibility to continue to build its technology and data science platform and enhance its value proposition to shippers and carriers. Additionally, the transaction will allow Echo to benefit from the operating capabilities, capital support and sector expertise of The Jordan Company.
Under the terms of the agreement, Echo stockholders will receive $48.25 per share in cash, which represents a premium of approximately 54% over Echo’s closing share price on September 9, 2021 and a premium of approximately 32% over Echo’s all time high closing share price on September 10, 2018. Echo believes that the transaction provides its stockholders with an attractive premium that delivers immediate compelling value for their shares. The definitive agreement was unanimously approved by Echo’s Board of Directors, which recommended that Echo’s stockholders approve the agreement.
The Kirkland team was led by corporate partners Andrew Arons (Picture) and Lukas Richards and associates Carl Witkin and Julianna Debler, debt finance partner Jason Serlenga and associate Whitney Greer, technology & IP transactions partner Matthew Lovell, labor & employment partner Michael Schulman, executive compensation partner Michael Krasnovsky, tax partner Jared Rusman, and antitrust & competition partner Katherine Rocco.
Involved fees earner: Andrew Arons – Kirkland & Ellis; Julianna Debler – Kirkland & Ellis; Michael Krasnovsky – Kirkland & Ellis; Matthew Lovell – Kirkland & Ellis; Lukas Richards – Kirkland & Ellis; Katherine Rocco – Kirkland & Ellis; Jared Rusman – Kirkland & Ellis; Michael Schulman – Kirkland & Ellis; Jason Serlenga – Kirkland & Ellis; Carl Witkin – Kirkland & Ellis;
Law Firms: Kirkland & Ellis;
Clients: The Jordan Company (TJC);