U.S. Bank to Acquire Schneider’s Payment Unit
.S. Bank will purchase truckload carrier Schneider National’s payment services unit, the two companies said Wednesday. Terms were not disclosed.
Following the acquisition, which the two said would close July 1, the new business will operate as U.S. Bank Freight Payment Services.
The deal will add more than $7 billion in freight payments to U.S. Bank’s PowerTrack portfolio, the company said.
About 200 payment workers will move to U.S. Bank, a unit of U.S. Bancorp.
Schneider is ranked No. 9 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.