Transport Topics (Aug. 23, 2022)
Heartland Express Inc. on Aug. 22 announced plans to acquire Contract Freighters’ nondedicated truckload business as well as Mexican entities under CFI Logistica in a $525 million deal. The enterprise value of the transaction, which Heartland said is the largest it has ever done, is calculated on a cash-free and debt-free basis and is subject to certain adjustments. The deal is expected to close in the third quarter. CFI Dedicated and CFI Logistics U.S. brokerage operations are not part of the transaction.