Canadian transportation and logistics firm, TransForce will buy Eagan, Minn.-based Transport America for $310 million.

The purchase price includes the assumption of Transport America's debt of about US$150 million. TransForce will finance the transaction through its existing credit facility. This acquisition is expected to generate annual total revenues of approximately US$350 million. The deal is expected to close by the end of June 2014.

"This acquisition will immediately provide TransForce with a critical mass in the highly-fragmented truckload sector in the United States and we stand to benefit from Transport America's extensive geographic footprint and longstanding relationships with blue chip customers," said TransForce CEO, Alain Bedard.

"The acquisition meets all of the criteria we established as we explored ownership options, and we could not be more pleased," Transport America CEO Scott C. Arves said.

Transport America's network includes 12 terminals with more than 2,000 staff and independent contractors running about 1,500 tractors and 4,400 trailers.

Transport America announced in December that it was considering a public stock offering.