In a stock swap valued at $6 billion, truckload operators Knight Transportation and Swift Transportation have agreed to a merger. The new company, Knight-Swift Transportation Holdings, will have approximately 23,000 tractors, 77,000 trailers, 28,000 employees and control approximately 5% of the nation’s truckload market.
Swift is the No. 2 truckload carrier in the Transport Topics Top 100 in terms of revenue with $4.2 billion in 2016. Swift shareholders will receive 0.72 shares of Knight-Swift stock through a reverse stock split while Knight shareholders will receive one share of the combined company based on Knight’s $30.65 closing price on April 7, 2017.
