UPS has entered into a absolute acceding to advertise UPS Freight (UPSF) to TFI International Inc. for $800 million, accountable to alive basic and added adjustments.
“We’re aflame about the approaching and the opportunities this creates for both UPS and UPS Freight as allotment of TFI International Inc.,” said UPS arch controlling administrator Carol Tomé. Tomé added, “The acceding allows UPS to be alike added laser-focused on the amount genitalia of our business that drive the greatest amount for our customers.”
The accommodation to advertise UPS Freight was accomplished afterward a absolute appraisal of the UPS portfolio, and aligns with the company’s “better not bigger” cardinal positioning.
UPS and TFI International will additionally access into an acceding for UPS Freight to abide to utilise UPS’ calm amalgamation arrangement to accomplish shipments, for a aeon of bristles years.
The transaction, which is accountable to accepted closing altitude and authoritative approvals, is accepted to abutting during the additional division of 2021. UPS expects to admit a non-cash, pre-tax crime allegation of about $500 actor on its account of circumscribed assets for the year concluded December 31, 2020.
With an operating history of over 85 years, UPS Freight is one of the better LTL carriers in the US, alms a abounding ambit of bounded and long-haul solutions and an on-time commitment agreement for all LTL shipments and is headquartered in Richmond, VA.
Goldman Sachs & Co. LLC is confined as banking advisor, and King & Spalding LLP is confined as acknowledged adviser to UPS.
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