One major trucking company is being acquired by another one.
Daseke, Inc., a major flatbed firm based in Addison, Texas, today announced it has entered into a definitive agreement to be acquired by TFI International Inc., a Canadian-based leader in the transportation and logistics industry, in an all-cash transaction that values Daseke at about $1.1 billion.
The transaction is expected to close during the second quarter of 2024, subject to Daseke common stockholder approval, regulatory approvals and other customary closing conditions.
Subject to the terms of the agreement, Daseke common stockholders will receive $8.30 per share in cash, representing a premium of 69% to the last reported sale price on Thursday, Dec. 21.
“We believe this transaction to be a tremendous outcome for our Daseke shareholders, providing a near-term liquidity event at a significant premium, and is consistent with our stated priority of progressing opportunities that maximize value for our shareholders.'" said Jonathan Shepko, Daseke's chief executive officer. "TFI has a proven track record of successfully executing acquisitions that deliver value for its customers, shareholders, partners, and team members. We are very fortunate to be joining a like-minded organization who shares our commitment to strong customer relationships, services excellence, and utmost respect for our professional drivers, each of which has fueled Daseke’s success over the last 15 years.”
Daseke’s operations include about 4,900 tractors, 11,000 flatbed and specialized trailers, and one million square feet of industrial warehousing space,. After the merger, Daseke will continue to operate its portfolio of brands as part of TFI’s Truckload segment, according to a statement from TFI.
Companies that are part of Daseke include: Smokey Point Distributing, E.W. Wylie, Central Oregon Truck Company, The Boyd Companies, Lone Star Transportation, Bulldog Hiway Express, Hornaday Transportation, The Roadmaster Group, and TSH & Company.
“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," said TFI Chairman, President and CEO Alain Bédard. "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. We extend a warm welcome to the Daseke team.
"This acquisition also advances our strategic consideration of creating a unique opportunity for shareholders to separately invest in a specialized truckload business and in an LTL, P&C and Logistics business. Our immediate focus will be on improving Daseke’s financial results, with the strategic consideration to follow and be ongoing.”
