TFI International, a North American logistics firm, announced that it is acquiring flatbed and specialized transportation company Daseke for about $1.1 billion.
The company said it is acquiring Daseke - whose operations include 4,900 tractors, 11,000 flatbed and specialized trailers, and 1 million square feet of industrial warehousing space - for $8.30 per share.
The deal is expected to have no impact on TFI International’s earnings per share in 2024 but add at least $0.50 per share in 2025.
Daseke will operate as part of TFI’s Truckload segment.
“This attractive acquisition is highly complementary to our existing operations and scales our Truckload segment into a leading North American truckload transportation and logistics business,” TFI International CEO Alain Bédard said.
“Daseke’s deep expertise in servicing a broad portfolio of specialized and industrial end markets such as high-security cargo, agriculture, manufacturing, and construction, is critical given the relative strength of specialized market dynamics today.”
The acquisition is expected to close in the second quarter of 2024.
Daseke shares soared almost 65% to US$8.09 on Friday morning on the news while TFI International stock added 5% at US$128.53.