TFI International to Acquire US$3 Billion Revenue LTL Carrier UPS Freight in Approximately US$800 Million Enterprise Value Transaction - TFI International

– Combined LTL networks in the United States and Canada projected to provide most extensive North American coverage, accelerating industrial and e-commerce growth opportunities –– TFI expects the transaction to be accretive to diluted EPS in 2021 –– Transaction expected to close in the second quarter of 2021 –Montreal, Quebec, January 25, 2021 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that it has signed a definitive agreement to acquire UPS Freight, the less-than-truckload (LTL) and dedicated truckload (TL) divisions of United Parcel Service, Inc. (NYSE: UPS), for US$800 million on a cash-free, debt-free basis before working capital and other adjustments. Approximately 90% of the acquired business will operate independently within TFI International’s LTL business segment under its new name, “TForce Freight”, while acquired dedicated TL assets will join TFI’s TL business segment. The transaction i...