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Two North American trucking giants are putting major M&A plans they had for 2025 on ice.

Why it matters: Tariff disruptions have roiled the beleaguered freight market and caused carriers to be more conservative.

Driving the news: Canadian trucking giant TFI had previously hoped to make a $4 billion-$5 billion acquisition of a U.S. LTL carrier by the end of this year, but now it's joined U.S. peer Knight-Swift Transportation in delaying expected M&A as tariffs and weak freight demand roil the industry. 

What they're saying: "We have one transaction that we really liked, but because of all this uncertainty on tariffs, we had to walk away from that deal," CEO Alain Bédard said on an earnings call Thursday.

Now, it plans nothing major in 2025, aside from a pair of small deals for Basin Transportation LLC and Veilleux Transit Inc. in Q1 and buying back its own stock, the CEO said.

"We want to keep our leverage in a conservative fashion," Bédard said on the call.

The called-off acquisition followed a previously delayed spinoff of Daseke, which it acquired a year ago, and its other truckload holdings.

The big picture: The LTL deals were expected to further consolidate a sector that has been more durable through a three-year freight recession better than its truckload counterpart.

Knight-Swift was expected to acquire a Northeast LTL carrier this year, but pushed timing to 2026. 

And despite industry speculation that Amazon could acquire an LTL carrier or brokerage, the e-commerce giant doesn't seem much closer to such a deal. 

Yes, but: Tariffs and soft demand didn't stop UPS from moving forward with its proposed $1.6 billion acquisition of Andlauer Healthcare Group on Thursday, in a bid to help the parcel giant double its health care-related revenues.

What we're watching: As asset-based companies contending with overcapacity struggle, some asset-light companies are faring better. But even supply chain unicorn Flexport is relying on a tariff deal to hit profitability.

The bottom line: "Maybe later on, we'll see down the road, once we have better clarity," TFI's Bédard says.

"Maybe later": Trucking giants push off deals

Tariffs have prolonged the worst freight recession in recent memory and poured cold water on the dealmaking environment for trucking companies.

Illustration of an open road made of a hundred dollar bill.

Two North American trucking giants are putting major M&amp;A plans they had for 2025 on ice.Why it matters: Tariff disruptions have roiled the beleaguered freight market and caused carriers to be more conservative.

"Maybe later": Trucking giants push off deals

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