Heartland Express acquires Interstate Distributor Co.
Heartland Express, Inc. announced it has acquired 100% of the outstanding stock of Interstate Distributer Co. (IDC) from Saltchuk Resources, Inc.
The enterprise value of the transaction was approximately $113 million. The transaction was funded through $94 million of Heartland’s existing cash, plus assumption of approximately $23 million of IDC’s debt, and acquisition of $4 million in cash on IDC’s balance sheet. Heartland said it expects to pay off all of IDC’s debt after closing.
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Source:: http://fleetowner.com/fleet-management/heartland-express-acquires-interstate-distributor-co
