Daseke, Inc., a leading North American transportation solutions specialist focused on challenging industrial markets, has officially announced its unanimous approval by the board of directors to enter into a definitive agreement for acquisition by TFI International Inc., a prominent North American player in the transportation and logistics sector. The all-cash transaction values Daseke at an enterprise value of approximately $1.1 billion.
Under the terms of the agreement, Daseke common stockholders are set to receive $8.30 per share in cash. This represents a substantial premium of 69% to the last reported sale price on December 21, 2023, and an impressive 82% premium to the volume-weighted average price (VWAP) of the common stock for the 30 trading days ending on December 21, 2023.
Jonathan Shepko, Chief Executive Officer of Daseke, expressed optimism about the deal, stating, “We believe this transaction to be a tremendous outcome for our Daseke shareholders, providing a near-term liquidity event at a significant premium. TFI has a proven track record of successfully executing acquisitions that deliver value for its stakeholders, and we are fortunate to be joining an organization that shares our commitment to customer relationships, service excellence, and respect for our professional drivers, which have been integral to Daseke’s success over the last 15 years.”
The anticipated closing of the transaction is set for the second quarter of 2024, subject to Daseke common stockholder approval, regulatory clearances, and other customary closing conditions. Notably, the closing is not contingent upon any financing condition. Post-transaction, Daseke’s common stock will cease to be listed on any stock exchange, and the company will operate its portfolio of brands within TFI International’s Truckload segment.
J.P. Morgan Securities LLC is serving as the exclusive financial advisor to Daseke, with Kirkland & Ellis LLP providing legal advisory services.
About Daseke, Inc.
Daseke, Inc. is the premier North American transportation solutions specialist dedicated to servicing challenging industrial end markets. Daseke offers comprehensive, best-in-class services to a diversified portfolio of many of North America’s most respected industrial shippers. For more information, please visit www.daseke.com.