---
schema_version: "secwatch.filing_event.v1"
accession: "0001692063-24-000141"
form_type: "8-K"
ticker: "SNDR"
cik: "0001692063"
company_name: "Schneider National, Inc."
filed_at: "2024-11-25T23:59:59+00:00"
generated_at: "2026-05-29T18:59:13.830775+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001692063-24-000141
- form_type: 8-K
- ticker: SNDR
- cik: 0001692063
- company_name: Schneider National, Inc.
- filed_at: 2024-11-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1692063/000169206324000141/0001692063-24-000141-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1692063/000169206324000141/sndr-20241122.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001692063-24-000141
- JSON: https://secwatch.observer/filing/0001692063-24-000141.json
- Plain text: https://secwatch.observer/filing/0001692063-24-000141.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.