Canadian trucking and logistics company TFI International (NYSE:TFII) has pulled out of its planned acquisition of Canadian less-than-truckload (LTL) and intermodal carrier APPS Transport.
Montreal-based trucking and logistics firm TFI disclosed the move in its third-quarter financial results released Thursday. The company did not provide a reason, stating that its planned acquisition had been terminated.
TFI announced the forthcoming acquisition of APPS in August. The price of the deal was not disclosed, but TFI said at time that APPS had annual revenue of about C$100 million (US$76 million).
Based near Toronto, the addition of APPS would have helped TFI shore up its Canadian LTL business. It was part of a string of U.S. and Canadian acquisitions announced by TFI, which raised $219 million in a share offering in August.
TFI’s spokesperson said the company had no further comment on the APPS deal. A spokesperson for APPS did not immediately respond to FreightWaves’ request for comment.
TFI CEO Alain Bedard will discuss TFI’s third-quarter earnings report in a call with analysts on Friday morning.