Vitran Purchases Pjax Freight System for $132 Million

October 2, 2006 10:05 AM, EDT

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oronto transportation and logistics firm Vitran Corp. on Monday purchased less-than-truckload carrier Pjax Freight System for $132 million.

The deal for Pjax, a regional carrier headquartered in Pittsburgh, consisted of $80.3 million in cash, $26.5 million in assumed debt, $13.2 million in Vitran stock and holdbacks totaling $12 million, which are payable over the next year, Vitran said in a statement.

For the year ended Sept. 30, Pjax Freight recorded an estimated revenue of $175 million, Vitran said.

Vitran is ranked No. 60 on the Transport Topics 100 list of the largest for-hire carriers in the United States and Canada.