On Thursday morning, USA Trucks announced that it had completed the sale of all common stock to DB Schenker, a German logistics company owned by Deutsche Bahn. It will be removed from trading on the Nasdaq Global Select Market effective immediately.
Sale gives DB Schenker a large American foothold, but for how long?
In a press release published by USA Trucks this morning, the company announced that shareholders had approved the sale of the company at $31.72 per share in cash for common stock. This comes to about $435 million to be divided up by the shareholders.
In a statement, USA Trucks President and CEO James Reed said, “We are happy to complete this transaction. I want to extend my appreciation to the USA Truck family of employees, our board, and everyone associated with our company. We have worked together for a long time to put the company in position to deliver significant value for USA Truck’s stockholders.”
The sale comes after record growth and goals of hitting the billion-dollar revenue mark were announced. It is a pretty nice feather for DB to add to its rather large cap, but there’s an even bigger sale that could occur.
This adds value to the portfolio that DB has up for sale.
Last week, DB Schenker was granted approval by the government of Germany to place itself for sale. Deutsche Bahn estimates the logistics companies value at near $20 billion dollars.
While no names have been announced in the bidding war to come, you can be sure they will be highly interested in the acquisition of USA Trucks as part of the packaged deal. Global corporations would love to get a piece of the American logistics market.
This is a developing story and we will keep you updated as the sale progresses.