Quebec trucking giant TFI International is ending the year strong with the acquisition of the American company Daseke in a transaction valued at 1.5 billion taking into account elements such as debt.
Announced Friday, the acquisition allows the company formerly known as Transforce to increase its footprint in the United States. Daseke specializes in the transportation of heavy goods and operates a fleet of 4,500 tractors and 11,000 trailers.
TFI is offering US$8.30 for each share of the Texas-based company. This is a premium of approximately 70% compared to its closing price on Thursday on the NASDAQ.
“This acquisition is very complementary to our existing activities and allows our truckload transportation division to become a leading player in North America,” says the president and CEO of the Quebec company, Alain Bédard.
TFI shareholders welcomed the transaction. On the floor of the Toronto Stock Exchange, Friday morning, the title of the trucking specialist appreciated by 6.6%, or $10.68, to trade at $173.21.