Daseke, a North American transportation solutions specialist, entered into a definitive agreement to be acquired by TFI International, a North American transportation and logistics company, in an all-cash transaction that values Daseke at an enterprise value of approximately $1.1 billion. The agreement was unanimous approved by Daseke’s board of directors.
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 Dec. 21 and a premium of 82% to the volume-weighted average price (VWAP) of the common stock for the 30 trading days
“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,” Jonathan Shepko, CEO of Daseke, said. “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.”
The transaction is expected to close during Q2/24, subject to Daseke common stockholder approval, regulatory approvals and other customary closing conditions. Closing is not subject to any financing condition. Upon closing of the transaction, Daseke’s common stock will no longer be listed on any stock exchange, and Daseke will operate its portfolio of brands as part of TFI International’s truckload segment.
J.P. Morgan Securities is serving as exclusive financial advisor to Daseke, and Kirkland & Ellis is serving as Daseke’s legal advisor.
