TFI International, a Canada-based logistics company, has announced its agreement to acquire trucking company Daseke in an all-cash deal worth approximately $386 million. Including debt, the total deal value amounts to $1.1 billion.
Premium Offer and Share Value
TFI International will pay $8.30 per share for Daseke, representing a significant premium of 69% to the stock’s closing price on Thursday. With an outstanding share count of around 46.5 million, this values Daseke at approximately $386 million.
Both companies anticipate that the transaction will be finalized in the second quarter, subject to customary closing conditions.
Daseke’s Robust Operations
Daseke boasts a range of impressive operations, including 4,900 tractors, 11,000 flatbed and specialized trailers, and one million square feet of industrial warehousing space.
TFI International plans to integrate Daseke’s operations under its truckload segment, which is expected to generate around $3.6 billion in annual revenue on a pro-forma basis. Additionally, TFI International is considering the separation of its business into two companies. One company would house the truckload segment, while the other would include the less-than-truckload unit, package-and-courier business, and logistics segment.
Focus on Financial Improvement
Alain Bédard, the Chief Executive of TFI International, emphasized that the immediate focus will be on improving Daseke’s financial results. Strategic considerations regarding the integration will be ongoing.