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AI brief of an SEC Form 8-K · Schneider National (SNDR)

Schneider agrees to buy Cowan Systems for about $390 million in cash

Neutral Impact 4 of 5 m&a Written later

Schneider National said on November 25, 2024 that its subsidiaries signed an agreement to acquire Cowan Systems, a privately owned Baltimore-based dedicated contract carrier, for about $390 million in cash, plus about $31 million for related real estate. The deal will be funded with existing cash and borrowings under a new term loan of up to $400 million, and the company expects it to close in the fourth quarter of 2024. Schneider says the acquisition is expected to be accretive to earnings per share within the first year, before synergies, which matters to shareholders because it adds debt and integration risk alongside the expected earnings benefit.

Key points

  • Purchase price of about $390 million in cash, net of cash acquired and certain adjustments, plus about $31 million for related real estate assets
  • Financed with existing cash on hand and borrowings under a 2024 Term Loan of up to $400 million, dated November 22, 2024 and maturing November 22, 2029
  • Cowan operates about 1,800 trucks and 7,500 trailers across more than 40 locations in the Eastern and Mid-Atlantic United States
  • Transaction expected to close in the fourth quarter of 2024; Schneider expects it to be accretive to earnings per share within the first year, before synergies

The filing

CompanySchneider National (SNDR)
Form8-K, current report
Filed with the SECNov 25, 2024, 11:01 AM ET
Accession number0001692063-24-000141

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation7.01 Regulation FD Disclosure8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:00 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 25, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.