secwatch.observer — SEC 8-K summary
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Issuer:     Schneider National, Inc. (SNDR)
CIK:        0001692063
Form:       8-K
Filed at:   2024-11-25T23:59:59+00:00
Accession:  0001692063-24-000141
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 8.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1692063/000169206324000141/0001692063-24-000141-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1692063/000169206324000141/sndr-20241122.htm
  HTML page:      https://secwatch.observer/filing/0001692063-24-000141

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer