Banking Recap

TFI International Inc. Announces Acquisition for $1.10B

Daseke, Inc. (NASDAQ: DSKE), a North American transportation solutions specialist serving challenging industrial end markets, announced a definitive agreement to be acquired by TFI International Inc. (NYSE and TSX: TFII) in an all-cash transaction valuing Daseke at an enterprise value of approximately $1.1 billion. Daseke stockholders were to receive $8.30 per share in cash, representing a 69% premium to the last reported sale price and an 82% premium to the 30-trading-day volume-weighted average price. The deal is in the trucking/transportation sector (SIC 4700).

Dec 22, 2023·SEC EDGAR (8-K)·pending regulatory·all-cash acquisition (public-to-private)

Deal value

This entry is sourced from an 8-K exhibit (Exhibit 99.1) filed by Daseke, Inc. with the SEC on December 22, 2023, announcing the signing of the definitive merger agreement, which had been unanimously approved by Daseke's board of directors. The transaction was expected to close during the second quarter of 2024, subject to Daseke stockholder approval, regulatory approvals, and other customary closing conditions, and was not subject to any financing condition. Upon closing, Daseke's common stock would no longer be listed on any stock exchange, and Daseke would operate its portfolio of brands as part of TFI International's Truckload segment.

On financial advisory, J.P. Morgan Securities LLC served as exclusive financial advisor to Daseke, the target. No financial advisor to TFI International is named in this press release.

On legal advisory, Kirkland & Ellis LLP served as Daseke's legal advisor. No legal advisor to TFI International is named in this press release.

The deal structure disclosed is a straightforward all-cash acquisition at $8.30 per share, unanimously approved by Daseke's board, not subject to a financing condition, with Daseke's brands to be absorbed into TFI International's Truckload segment post-close.

What is not disclosed: the press release does not name any financial or legal advisor representing TFI International (the acquirer) in this transaction, does not break the $1.1 billion enterprise value into separate equity value and net debt components, and does not state a termination fee.