North American to Buy Allied From NFC for $450 Million
In a deal that brings together the second- and third-largest movers in the United States, the owner of North American Van Lines agreed to acquire Allied Van Lines and other moving services from London-based NFC Plc. for $450 million in cash and stock.
North American said it will retain the brand names of both companies, much like UniGroup Inc., parent of United Van Lines, has done since its purchase of Mayflower Transit in 1995.
The two companies will have operations in 36 countries and have combined annual revenue of more than $2 billion.
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United is the nation’s largest household goods mover and Mayflower ranks fifth. UniGroup had revenue of $1.81 billion in 1998.
