USFreightways Corp. is buying Transport Corporation of America in a stock transaction worth just over $60 million.
Shareholders of Transport America will receive approximately 0.412 shares of Freightways common stock for each share of Transport America common stock held. The deal is subject to regulatory approvals and approval of Transport America shareholders.
Cam Carruth, chairman and CEO of Freightways said the acquisition is consistent with the company's strategy of expanding into the truckload market through acquisitions. Transport America will operate as a separate subsidiary of Freightways under the direction of of current president and ceo Robert Meyers. When the acquisition is completed, Freightways' trucking subsidiaries will rank among the top ten publicly-traded truckload carriers.
Transport Corp. is based in the Minneapolis-St. Paul metropolitan area and provides a wide range of truckload freight carriage and logistics services throughout North America.