Covenant Logistics and Triumph Bancorp have reached agreement on the sale of Covenant’s Transportation Financial Solutions (TFS) factoring unit to Triumph, but with some changes in the provisions of the deal.
The transaction was first announced in July but soon hit a snag over differences in valuations that the two parties were putting on the assets of TFS.
Also in an announcement published immediately after the close of trading on the New York Stock Exchange on Wednesday, Covenant said that its third-quarter adjusted operating and financial results are “expected to significantly exceed prior expectations.”
FreightWaves will have additional information on this story as it develops.