TFI International, Inc. $230 Million U.S. Initial Public Offering

Davis Polk advised the lead book-running managers in connection with the initial U.S. public offering of 6,000,000 common shares of TFI International, Inc. In addition, the underwriters have exercised an option to purchase an additional 900,000 common shares. Aggregate gross proceeds, before deducting underwriting discounts and commissions and offering expenses payable by TFI, were approximately $230 million. TFI’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “TFII.”

Based in Montreal, Quebec, TFI is one of the largest trucking and logistics companies in North America with significant presence across both the United States and Canada. TFI operates an “Asset-Right” model, which combines company-owned equipment with asset-light operations, including logistics, package and courier, brokerage and intermodal offerings.

The Davis Polk capital markets team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associates Stephen A. Byeff, Ryan Lewis and Claudia Carvajal Lopez. Partner Mario J. Verdolini and associate Tomislava Dragicevic provided tax advice. Counsel David A. Zilberberg provided environmental advice. Counsel Marcie A. Goldstein provided FINRA advice. All members of the Davis Polk team are based in the New York office.