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USA Truck’s business model does not fit DSV’s vision for asset-light North American on-road operations, the company said in a report accompanying the most recent quarter’s results.

Challenging market conditions related to trade tariffs and other macroeconomic factors have become “more visible in global trade flows” in the past quarter, DSV said. 

The Danish transport company sold a six-part bond deal with maturities ranging from two to 10 years, according to a person familiar with the matter.

DSV received commitments from investors for more than half of a $5.5 billion sale of new shares as the Danish freight-forwarding company finances its takeover of DB Schenker.

DSV won approval to buy Deutsche Bahn’s logistics unit for $15.8 billion, overcoming resistance from German labor unions and late attempts by a rival bidder to derail the deal.

Deutsche Bahn AG’s planned 4.3 billion-euro ($15.8 billion) sale of its logistics arm is facing a decisive vote Oct. 2.

Deutsche Bahn said bids submitted by private equity fund CVC Capital Partners remain “inferior” to the winner’s offer, the latest twist in the $16 billion battle for its logistics unit.

DSV, founded by 10 Danish truckers in the 1970s, has grown through a string of acquisitions in the fragmented transport industry, including buying targets that were larger than itself.

Deutsche Bahn is currently evaluating the final offers and needs to discuss with the government on CVC’s proposal.

Logistics firm DSV plans to buy 300 electric heavy trucks from Volvo AB in what would be one of the largest commercial orders to date for the Swedish manufacturer’s battery-powered rigs.