J.B. Hunt Agrees To Buy Zenith Freight Lines From Bassett For About $87 Mln - Quick Facts

(RTTNews) - Transportation solutions provider J.B. Hunt Transport Services Inc. (JBHT) and home furnishings maker Bassett Furniture Industries, Inc. (BSET) announced Monday that Bassett and J.B. Hunt Transport, Inc., the wholly-owned operating subsidiary of J.B. Hunt Transport Services, Inc., have entered into a definitive agreement under which J.B. Hunt Transport will acquire the assets of Zenith Freight Lines, LLC, a wholly-owned subsidiary of Bassett, for approximately $87 million.

The acquisition will expand J.B. Hunt's industry-leading Final Mile Services segment, which operates one of the largest nationwide, commingled cross-dock operations. With 116 locations and over 3.5 million square feet of warehouse and facilities space, Final Mile has the ability to serve 100% of the contiguous United States.

Upon closing of the transaction, J.B. Hunt and Bassett will enter into a long-term master services agreement whereby J.B. Hunt will continue to provide the exceptional service Zenith has performed for Bassett for almost 50 years.

The transaction will be funded using J.B. Hunt's existing cash balance and is expected to close by February 28, 2022, subject to customary closing conditions.