C.H. Robinson Worldwide Inc., Eden Prairie, has finalized its acquisition of Phoenix International Inc. for $571.5 million in cash and about $63.5 million in newly issued C.H. Robinson common stock. Phoenix International is the largest privately owned international freight forwarder and customs broker based in North America, with more than 2,000 employees in 72 global offices.NEW BUSINESS
BMO Financial Group said it will rebrand its U.S. private bank BMO Private Bank, combining Harris Private Bank and part of M&I Wealth Management.PERSONNEL MOVES
AAA Minneapolis has named Tom Sorel, commissioner of the Minnesota Department of Transportation, as its new president and chief executive. Sorel will join AAA Dec. 1. He will replace current President and CEO Steve Frank, who plans to retire Jan. 31 and will serve in an advisory capacity to the club and to Sorel before then.