Saia, Inc. (SAIA) is the winning bidder for 17 terminals of Yellow Corporation (YELL) auctioned in connection with Yellow’s pending Chapter 11 bankruptcy. Saia has agreed to pay a total of $235.7M for Yellow terminals located in the following markets: Fresno, California; Seaford, Delaware; Augusta, Georgia; Bowling Green, Kentucky; Paducah, Kentucky; West Boston, Massachusetts; Grand Rapids, Michigan; Grayling, Michigan; Duluth, Minnesota; Owatonna, Minnesota; Trenton, New Jersey; Rochester, New York; Akron, Ohio; Youngstown, Ohio; Reading, Pennsylvania; Knoxville, Tennessee; and Laredo, Texas. The closing of the transaction is expected in the first quarter of 2024 and is subject to various conditions, including approval by the U.S. Bankruptcy Court for the District of Delaware of the sale and regulatory approvals. A hearing to seek court approval is expected on December 12, 2023. Saia intends to pay the purchase price with a combination of cash on hand and availability under its credit facilities.
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