MONTREAL, Quebec, Canada — Transportation logistics giant TFI International has closed the deal on its acquisition of Daseke, one of the leading flatbed and specialized transportation and logistics companies in North America, for $8.30 in cash per common share.
The total enterprise value of the transaction is approximately US $1.1 billion, according to a news release, including the merger consideration for the common stock, redemption of Daseke’s Series B preferred stock, payoff or assumption of Daseke’s Series A preferred stock and outstanding debt, net of cash and estimated transaction fees and expenses.
In addition, on March 22, 2024, TFI International closed on a US $500 million term loan in an overcommitted transaction priced at a spread of SOFR plus a range of 140 to 165 basis points, to vary over time depending on the company’s fundeddebt-to-EBITDA ratio, and consisting of three tranches including a one-year facility of US $100 million maturing March 2025, a two-year facility of US $100 million maturing March 2026 and a three-year facility of US $300 million maturing March 2027.
Participating banks included National Bank of Canada, Royal Bank of Canada, Bank of America, N.A., The TorontoDominion Bank, Bank of Montreal, PNC Bank, N.A., U.S. Bank National Association, Morgan Stanley Bank, N.A. and Goldman Sachs.
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.
