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itty Hawk Inc. said Wednesday it has reached agreement to buy less-than-truckload airport-to-airport carrier Air Container Transport for $5 million.
The deal, through newly created subsidiary Kitty Hawk Ground, will fold in ACT’s ground freight network that operates in California, Oregon, Washington, British Columbia, Colorado, Utah, Illinois and Texas.
Last year, ACT had revenue of $44.5 million. It operates in 26 cities, offering air and ground freight delivery and as local pickup and delivery services. ACT’s fleet is about 150 owned, leased and owner-operated dedicated trucks.
Kitty Hawk said it expects the deal to close by the end of June. The company, which provides LTL and overnight air services, is traded on the American Stock Exchange and is scheduled to report its earnings on Thursday.
Transport Topics