Brief: Heartland Express Acquires Millis Transfer, Inc. And Related Companies For About $150 Million

Heartland Express

26/08/2019 21:29

Aug 26 (Reuters) - Heartland Express Inc  HTLD.O :
    * HEARTLAND EXPRESS ACQUIRES MILLIS TRANSFER, INC. AND
RELATED
COMPANIES
    * HEARTLAND EXPRESS INC - DEAL FOR AGGREGATE VALUE OF
APPROXIMATELY $150 MILLION.
    * HEARTLAND EXPRESS INC - DEAL FOR $150 MILLION.
    * HEARTLAND EXPRESS INC - WILL FUND PURCHASE PRICE AND
PAYOFF
ASSUMED DEBT WITH EXISTING CASH
    * HEARTLAND EXPRESS INC - EXPECT TO END 2019 YEAR WITH
APPROXIMATELY $50-60 MILLION IN CASH
    * HEARTLAND EXPRESS INC - CAPITAL EXPENDITURE REQUIREMENTS
FOR
NEXT SEVERAL QUARTERS ARE MODEST, ABSENT OPPORTUNISTIC PURCHASES
    * HEARTLAND EXPRESS INC - AFTER TRANSACTION, CO'S
CONSOLIDATED
CUSTOMER LIST WILL BE ABOUT 500, WITH NO SINGLE CUSTOMER GREATER
THAN 8% OF REVENUE
    * HEARTLAND EXPRESS INC -  INCLUDING PAYOFF OF ALL ASSUMED
DEBT,
TRANSACTION WAS ALL CASH EXCEPT FOR ABOUT $750,000 IN HEARTLAND
STOCK
    * HEARTLAND EXPRESS INC - TRANSACTION IS EXPECTED TO BE
ACCRETIVE
TO HEARTLAND'S EARNINGS IN FIRST FULL QUARTER OF OPERATIONS

Source text for Eikon:  ID:nGNX1ny7Bt 
Further company coverage:  HTLD.O 

 ((Reuters.Briefs@thomsonreuters.com;))