Reuters logo
U.S. trucking companies Swift and Knight to merge - WSJ
April 10, 2017 / 4:55 AM / in 8 months

U.S. trucking companies Swift and Knight to merge - WSJ

April 10 (Reuters) - Swift Transportation Co is merging with Knight Transportation Inc in a share swap that would combine two of the biggest U.S. trucking operators that are together worth more than $5 billion, the Wall Street Journal reported.

Each Swift share would be converted into a 0.72 share of the new company through a reverse stock split. Knight shares would be exchanged one-for-one. Swift shareholders would own 54 percent of the new entity and Knight shareholders would own the rest, the Journal said.

The deal values each Swift share at $22.07, a 10 percent premium to its closing price on Friday, the report said.

The deal would replace XPO Logistics' purchase of Con-way Inc for $3 billion as the biggest acquisition in the trucking business, the Journal said.

Swift and Knight were not immediately available for comment outside regular business hours. (Reporting by Rama Venkat Raman in Bengaluru; Editing by Amrutha Gayathri)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below