TFI International Inc. (TFI), a prominent player in North America's transportation and logistics sector, had agreed to sell its CFI Truckload, Temp Control, and Mexican non-asset logistics businesses (collectively "CFI TL, TC & MX Business") to Heartland Express, Inc. for a transaction value of $678 million (US$525 million). This deal was dependent on standard closing conditions, including regulatory endorsements. The CFI TL, TC & MX Business, mainly operating in the US-based Conventional TL segment of TFI's Truckload sector, comprised about 2,000 tractors, 7,800 trailers, and 2,800 employees. Alain Bédard, CEO of TFI, emphasized that this sale aligned with TFI's strategy to focus on higher-return US operations, reducing capital intensity. The proceeds from the sale would be channeled towards debt repayment and subsequently reallocated to yield higher returns. On the other hand, Michael Gerdin, CEO of Heartland Express, welcomed the CFI team and appreciated the strategic synergy of the transaction. Financially, the CFI TL, TC & MX Business had generated around US$450 million in revenue and an operating income of roughly US$50 million in 2021. Post-transaction, TFI anticipated its FY 2022 EPS guidance to remain at US$8.00. The deal received unanimous approval from both companies' boards and was expected to conclude in the third quarter of 2022. J.P. Morgan Securities LLC acted as the exclusive financial advisor to TFI International.