Morgan said it will pay $3 a share for Dulles, Va.-based Vastera, adding that two shareholders holding 28% of Vastera's stock have agreed to vote in favor of the deal. Vastera closed at $2 Thursday and surged to $2.74 in early action Friday.
Vastera will be combined with the Logistics and Trade Services businesses of JPMorgan Chase's Treasury Services unit. The acquisition will provide JPMorgan Chase clients with a "one-stop shop" that addresses the increasing challenges and risks associated with moving goods across international borders, the company said. "Through this combination, JPMorgan Chase will be the first global financial institution to offer a complete integrated cash, trade and logistics solution across the physical and financial supply chains in a way that maximizes benefits to our clients," said Morgan's Paul Simpson. "Moving forward, this combination gives us scale and capabilities that are unmatched in the market place."