M&A · Industrials · Transportation Services
TFI International Inc. to acquire Daseke, Inc.
Announced Dec 22, 2023 · Closed Apr 2, 2024
Deal value$1.10BEV $1.10B
Premium69.0%To unaffected price
EV / Adj. EBITDA6.5x0.7x EV / Revenue
ConsiderationAll cash$8.30 per share
Transaction
- Acquirer
- TFI International Inc. (TFII)
- Target
- Daseke, Inc. (DSKE)
- Buyer type
- Strategic
- Offer price per share
- $8.30
- Enterprise value
- $1.10B
- Status
- Closed Apr 2, 2024
Deal protections
- Break fee (target pays)
- $12.4M · 1.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
- JPMorgan fee
- $17.8M
Sector context · Industrials
- Comparable deals
- 77 in the prior 24 months
- Premium
- 69.0% vs. 45.0% sector median
- EV / Adj. EBITDA
- 6.5x vs. 10.9x sector median
- Break fee
- 1.1% vs. 2.8% sector median
Timeline
- AnnouncedDec 22, 2023
- Proxy filedJan 22, 2024
- Definitive proxyFeb 15, 2024
- Shareholder voteMar 26, 2024
- ClosedApr 2, 2024
Valuation · fairness opinions
Trading comparables$3.15$8.70
Precedent transactions$3.35$8.95
Discounted cash flow$5.35$8.90
Trading comparables$5.10$9.90
Offer $8.30
Implied value per Daseke, Inc. share by analysis, from JPMorgan · DCF discount rate 9%–10%.