Swift Transportation Company announced that its stockholders approved a merger with Knight Transportation Inc. during a recent special meeting.
On April 9, 2017, Swift and Knight entered into a merger agreement which they agreed to a combination transaction after which their respective businesses will be operated separately under a single combined company. The combined company will be named Knight-Swift Transportation Holdings Inc. and will trade as “KNX.”
Under the terms of the merger agreement, each Swift share will convert into 0.72 shares of Knight-Swift by means of a reverse stock split and each share of Knight will be exchanged for one Knight-Swift share.
Swift expects the merger to close today, Sept. 8.
