Schneider National acquires Cowan Systems for ~$421M; secures $400M term loan

Schneider National, Inc.

$390M cash for Cowan Systems equity + $31M for real estate (total ~$421M); expected close Q4 2024.
Cowan operates ~1,800 trucks, 7,500 trailers, 40+ locations in Eastern US; provides dedicated, brokerage, drayage, warehousing.
New $400M delayed-draw term loan (Bank of America) maturing Nov 2029; unsecured, used to fund acquisition.
Acquisition expected accretive to EPS in first year before synergies; Cowan to report in Truckload/Logistics segments.
Combined Dedicated fleet >8,400 tractors (~70% of Truckload fleet), cementing Schneider as one of largest dedicated providers.

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