Marten Transport to sell assets related to intermodal business to Hub Group

Marten Transport (MRTN) entered into an agreement to sell assets related to its intermodal business to Hub Group (HUBG). The transaction is structured as an asset sale of certain intermodal equipment, including over 1,200 refrigerated containers, and contracts to Hub Group for $51.8M in cash, and is expected to close by the end of the third quarter subject to certain customary closing conditions. Marten will continue to operate its multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across five distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico.