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Werner Enterprises
Werner Enterprises (WERN) investor relations material
Werner Enterprises M&A announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A announcement summary28 Jan, 2026
Deal rationale and strategic fit
Acquisition accelerates expansion in dedicated trucking, making the combined entity the fifth-largest dedicated carrier in North America and shifting the portfolio toward higher-margin, contract-based business.
Deepens and diversifies exposure to resilient sectors such as grocery, bakery, packaging, retail, manufacturing, and food & beverage, leveraging FirstFleet's strong customer relationships.
Expands scale, network density, and geographic reach, especially in the Eastern U.S., improving competitive positioning and service offerings.
Strong cultural alignment and shared focus on safety, service, and innovation, with leadership from both companies highlighting the fit.
The deal aligns with a long-term strategy to grow dedicated services, leveraging FirstFleet's scale, geographic density, and reputation.
Financial terms and conditions
Total transaction value is $282.8 million, including $245 million for 100% equity in FirstFleet and $37.8 million for real estate assets.
Funded through cash on hand, existing revolving credit facility, and assumption of certain capital leases or $210 million of incremental debt.
The transaction closed on January 27, 2026, and is immediately accretive to EPS, with double-digit accretion pre-synergies.
FirstFleet generates over $615 million in annual revenues, increasing combined trailing 12-month revenue from $3 billion to $3.6 billion, with dedicated revenue share rising from 43% to 52%.
Mid-single-digit TEV/EBITDA multiple based on management estimates.
Synergies and expected cost savings
Approximately $18 million in annual synergies expected within 18–24 months, primarily from procurement, purchasing power, and operating efficiencies, with further upside possible.
Cost synergies outweigh revenue synergies initially, with future revenue opportunities anticipated as integration progresses.
Greater fixed cost absorption and asset utilization anticipated.
Breakdown of $18M annual synergies
Strategy for retaining FirstFleet's key customers
Leverage FirstFleet's unique market capabilities
What are the key drivers of cost synergies?
How does the acquisition impact One-Way strategy?
What is the deleveraging timeline?
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Next Werner Enterprises earnings date
Q4 20255 Feb, 2026
Werner Enterprises
Next Werner Enterprises earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Werner Enterprises, Inc. engages in transporting truckload shipments of general commodities in interstate and intrastate commerce in the United States, Mexico, and internationally. Its National Van Truckload division offers time-sensitive truckload services primarily to customers in the consumer packaged goods, food and beverage, retail, paper products, chemical, industrial manufacturing, automotive parts, machinery and equipment industries.
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