Saia agrees to buy 17 Yellow freight terminals for $235.7 million in bankruptcy sale
Saia's subsidiary agreed on December 5, 2023 to buy real property interests in 17 freight terminals from Yellow Corporation and its subsidiaries for $235.7 million, as part of Yellow's Chapter 11 asset sale. The deal requires Bankruptcy Court approval and regulatory clearances, and is expected to close in the first quarter of 2024, which would add Yellow's former terminal network to Saia's footprint.
- Purchase price is $235.7 million, subject to normal closing adjustments and assumed liabilities
- A $11.8 million earnest money cash deposit has been made and will be applied to the price at closing
- Bankruptcy Court hearing to consider approval is anticipated on December 12, 2023
- Closing expected in Q1 2024 using cash on hand and credit facility availability; either party may terminate if not closed by February 6, 2024