SAIA - Saia Inc. Agrees to Acquire 17 Yellow Corporation Terminals in Chapter 11 Bankruptcy Sale | Benzinga
JOHNS CREEK, Ga., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Saia, Inc. (NASDAQ:SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, announced today that it is the winning bidder for 17 terminals of Yellow Corporation ("Yellow") auctioned in connection with Yellow's pending Chapter 11 bankruptcy. Saia has agreed to pay a total of $235.7 million for Yellow terminals located in the following markets: Fresno, California; Seaford, Delaware; Augusta, Georgia; Bowling Green, Kentucky; Paducah, Kentucky; West Boston, Massachusetts; Grand Rapids, Michigan; Grayling, Michigan; Duluth, Minnesota; Owatonna, Minnesota; Trenton, New Jersey; Rochester, New York; Akron, Ohio; Youngstown, Ohio; Reading, Pennsylvania; Knoxville, Tennessee; and Laredo, Texas.
"The addition of these new facilities furthers our multiyear strategy of expanding Saia's national terminal footprint and, as they are opened over time, they will enable us to provide better service to both new and existing customers," said Saia President and CEO Fritz Holzgrefe.
The closing of the transaction is expected in the first quarter of 2024 and is subject to various conditions, including approval by the U.S. Bankruptcy Court for the District of Delaware of the sale and regulatory approvals. A hearing to seek court approval is expected on December 12, 2023. Saia intends to pay the purchase price with a combination of cash on hand and availability under its credit facilities.
About Saia, Inc.
Saia Inc. (NASDAQ:SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Johns Creek, Georgia, Saia LTL Freight operates 194 terminals across the country and employs nearly 14,000 people. For more information on Saia, Inc. visit the Investor Relations section at www.saia.com/about-us/investor-relations.
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