The Daily Dash is a quick look at what’s happening in the freight ecosystem. In today’s edition, we highlight a big merger between two huge 3PL providers, NextNav’s merger with a SPAC and more.
The High Five
1. Third-party logistics providers Worldwide Express LLC and GlobalTranz Enterprises LLC said Friday that they have merged in a multibillion-dollar deal arranged by a consortium led by CVC Capital Partners, which is providing most of the equity to consummate it. Mark Solomon with the breaking news
2. NextNav’s primary product is a next-generation GPS system that provides far more spatial data than a standard system, such as where in a building an item is located. NextNav’s next step is going public through a merger with a special purpose acquisition company. John Kingston’s story
3. Data released Friday from Cass Information Systems shows the freight industry advanced at a blistering pace during May. The Cass Freight Index logged the highest-ever growth rates in the shipments and expenditures components of the dataset’s more than 30-year history. Todd Maiden with more
4. An industry group focused on international trade is warning that air and rail freight transportation could be negatively impacted if tensions escalate between Western allies and Belarus over the forced landing of a passenger jet and the arrest of a dissident journalist last month. Eric Kulisch’s story
5. A fight between two brothers over their jointly owned trucking business is nearing a bitter end after three years of litigation and arbitration. So bitter that one brother is funding an investigation. Paul and Rana Randhawa have been embroiled in a legal dispute since 2018 over the Ontario, Canada-based Randhawa Group of Companies. Nate Tabak’s story