Schneider National (SNDR) said Monday its units have agreed to buy Cowan Systems and its affiliates for roughly $390 million in cash.

Following the completion of the deal in Q4, Cowan Systems will operate as a unit of Schneider National, the company said.

The transaction will be funded using existing cash and a $400 million delayed draw-term credit facility, it added.

Schneider National's shares were up more than 2% in recent trading.

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