Contrans Group Inc.
TransForce Inc. said it will buy fellow Canadian carrier Contrans Group Inc. for about C$495 million.
Under the deal, announced late July 24, TransForce will pay C$14.60 per share, a premium of about 16.7% over Contrans’ 52-week average share on the Toronto Stock Exchange.
“Contrans has a culture similar to that of TransForce, strategically acquiring companies that add value for its shareholders,” TransForce Chairman and CEO Alain Bédard said in a statement.
TransForce ranks No. 9 and Contrans Group is No. 49 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
The deal follows TransForce’s acquisition earlier this year of Toronto-based less-than-truckload carrier Vitran Corp. and its plan to purchase Minnesota-based Transport America — No. 71 on the TT 100 — for $310 million.