Swift Transportation and Knight Transportation announced plans this morning to merge in an all-stock transaction that will combine two of the biggest U.S. trucking operators, who together are worth more than $5 billion.
Under the terms of the deal, each Swift share will convert into 0.72 shares of Knight-Swift by means of a reverse stock split. Each share of Knight will be exchanged for one Knight-Swift share.
Upon closing of the transaction, Swift stockholders will own approximately 54 percent and Knight stockholders will own approximately 46 percent of the combined company.
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