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Clarke Inc Enters Into Agreement To Sell Freight Transportation Businesses

Thursday, 31 Oct 2013 06:15pm EDT 

Clarke Inc (Clarke) announced that it has entered into an agreement for the sale of its truckload, less-than-truckload and freight logistics businesses (the "Freight Transport Business") to Transforce Inc. based on an enterprise value of $88.0 million excluding net working capital associated with the Freight Transport Business, which will be retained by Clarke. Certain other subsidiaries of Clarke engaged in information technology and human resources functions are also included in the sale. The purchase price is subject to a working capital adjustment and will be satisfied in cash on closing. The transaction is conditional on, among other things, receipt of approval under the Competition Act and the CanadaTransportation Act. Clarke expects closing of the transaction to occur before the end of 2013. 

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4 May 2015