Pacer International has finalized a deal with Universal Truckload Services to sell its heavy-haul trucking operations to subsidiaries of Universal
. As part of the $2 million deal, the subsidiaries will take over the real property leases and equipment leases for tractors and trailers used in the operation, as well as various customer, agent and other contracts.

Pacer initially announced the sale at the end of July.

Pacer retained the rights to all receivables generated by this trucking operation through the closing date. Pacer will continue its highway and intermodal operations as part of the integrated operations, and plans on using the UTSI heavy-haul highway transport services when appropriate.

"We are pleased to have completed the sale of these assets to UTSI where these operations are a better strategic fit, and we appreciate the efforts of the team that closed this transaction on schedule," said Michael E. Uremovich, chairman and CEO of Pacer.

Headquartered in Concord, Calif., Pacer provides asset-light North American freight transportation and logistics services.