UPS is selling its freight-brokerage business for less than it paid for the business back in 2015. UPS said Sunday it agreed to sell its Coyote Logistics division to RXO for just over $1 billion. UPS CEO Carol Tome says the sale will help her company focus on its core package-delivery business. Freight brokers are middlemen between shippers and carriers such as UPS. RXO is a freight broker based in Charlotte, North Carolina, and it says it will nearly double in annual revenue by buying Coyote from UPS.
