By Stephen Nakrosis 
 

Shares of TFI International Inc. jumped following news the company agreed to acquire UPS Freight from United Parcel Service Inc.

TFI said it would acquire the less-than-truckload and dedicated truckload divisions in an $800 million deal. The deal will be "on a cash-free, debt-free basis before working capital and other adjustments," TFI said.

At 12:42 p.m. EST, shares of TFI advanced 26.12% to $64.62. Volume topped 533,000 shares, above the 65-day average volume of 123,306 shares.

At 12:32 p.m. EST, shares of UPS rose 2.55% to $163.05.

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

January 25, 2021 13:09 ET (18:09 GMT)

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