Industry News

TFI International to Acquire US$3 Billion Revenue Less-than-Truckload Carrier UPS Freight

By January 25, 2021 No Comments

TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that it has signed a definitive agreement to acquire UPS Freight, the less-than-truckload (LTL) and dedicated truckload (TL) divisions of United Parcel Service, Inc. (NYSE: UPS), for US$800 million on a cash-free, debt-free basis before working capital and other adjustments.

 

Approximately 90% of the acquired business will operate independently within TFI International’s LTL business segment under its new name, “TForce Freight”, while acquired dedicated TL assets will join TFI’s TL business segment.

 

The transaction is subject to usual and customary closing conditions, including regulatory approvals.

 

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