(RTTNews) - TFI International Inc. (TFII, TFII.TO) has agreed to sell its Truckload, Temp Control and Mexican non-asset logistics businesses to Heartland Express, Inc. (HTLD) for $525 million. The CFI TL, TC & MX Business currently operates primarily in the US-based Conventional TL operating segment of Truckload segment and provides truckload service offerings. TFI will retain its Dedicated and US Logistics businesses.
"By allowing TFI to concentrate its US operations on higher-return LTL, asset-light logistics, and specialized truckload, this transaction will reduce our capital intensity, with some of the proceeds used to pay down debt in the near term and over time redeployed with the objective of generating higher returns," said Alain Bédard, CEO of TFI.
Pro forma for the deal, TFI expects its fiscal 2022 EPS guidance of $8.00 to remain unchanged.
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