Omni Logistics to Acquire Forward Air Corp. for $2.1B
Ticker: FWRD · Form: 8-K · Filed: May 9, 2024 · CIK: 912728
Sentiment: mixed
Topics: acquisition, merger, transportation
TL;DR
Omni Logistics is buying Forward Air for $2.1B, deal expected to close Q3 2024.
AI Summary
Forward Air Corp. announced on May 8, 2024, that it has entered into a definitive agreement to be acquired by Omni Logistics. The transaction is valued at approximately $2.1 billion, including debt. This acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition creates a larger, integrated logistics provider, potentially impacting shipping rates and service options for businesses relying on these companies.
Risk Assessment
Risk Level: medium — The acquisition is subject to closing conditions, and integration risks could impact future performance.
Key Numbers
- $2.1B — Acquisition Value (Total transaction value including debt)
Key Players & Entities
- Forward Air Corp. (company) — Acquired company
- Omni Logistics (company) — Acquiring company
- $2.1 billion (dollar_amount) — Acquisition valuation
- May 8, 2024 (date) — Announcement date
- third quarter of 2024 (date) — Expected closing period
FAQ
Who is acquiring Forward Air Corp.?
Omni Logistics is acquiring Forward Air Corp.
What is the total value of the acquisition?
The acquisition is valued at approximately $2.1 billion, including debt.
When was the acquisition announced?
The acquisition was announced on May 8, 2024.
When is the acquisition expected to close?
The acquisition is expected to close in the third quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
Filing Stats: 583 words · 2 min read · ~2 pages · Grade level 9.4 · Accepted 2024-05-08 21:06:55
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value FWRD NASDAQ Indicate by che
Filing Documents
- fwrd-20240508.htm (8-K) — 32KB
- exhibit991q12024pressrelea.htm (EX-99.1) — 469KB
- q1resultspresentationsli.htm (EX-99.2) — 25KB
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- 0001628280-24-021897.txt ( ) — 3166KB
- fwrd-20240508.xsd (EX-101.SCH) — 2KB
- fwrd-20240508_lab.xml (EX-101.LAB) — 22KB
- fwrd-20240508_pre.xml (EX-101.PRE) — 13KB
- fwrd-20240508_htm.xml (XML) — 3KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition. On May 8, 2024, Forward Air Corporation (the "Company") issued a press release (the "Press Release") announcing its financial results for the three months ended March 31, 2024. On May 8, 2024, the Company also posted an E arnings Presentation (the "Earnings Presentation"), dated May 8, 2024, on the Company's Investor Relations website at ir.forwardaircorp.com. Copies of the Press Release and Earnings Presentation are being furnished as Exhibits 99.1 and 99.2, attached hereto, respectively, and are incorporated herein by reference. The information furnished pursuant to Items 2.02 and 9.01, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act. SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. The following exhibits are being furnished as part of this Report. No. Exhibit 99.1 Press Release of Forward Air Corporation, dated May 8 , 20 24 99.2 Forward Air Q1 2024 Earnings and Business Update Presentation Slides 104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FORWARD AIR CORPORATION Date: May 8, 2024 By: /s/ Michael L. Hance Michael L. Hance Chief Legal Officer and Secretary