Moyes will acquire Swift Transportation

Jan. 23, 2007
Phoenix AZ-based truckload carrier Swift Transportation Co Inc has reached a definitive merger agreement with an entity established by Jerry Moyes, the firm’s largest shareholder.

Phoenix AZ-based truckload carrier Swift Transportation Co Inc has reached a definitive merger agreement with an entity established by Jerry Moyes, the firm’s largest shareholder, a current director, and ex-chairman of the board and chief executive officer of Swift. Under terms of this agreement, Moyes and some family members will acquire Swift in an all-cash transaction worth about $2.74 billion. This includes the assumption of around $332 million of net debt.

As part of this agreement, Swift shareholders will get $31.55 in cash for each outstanding share of Swift common stock.

Jock Patton, chairman of Swift’s board of directors, said, “After careful consideration, and in close consultation with our financial and legal advisors, the special committee, which is composed of three of the board’s independent directors, and full board (other than Moyes) unanimously approved the transaction. We believe the all-cash $31.55 per share price represents a fair value for the company and is in the best interest of all shareholders.”

About the Author

from staff and wire reports

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Leveraging telematics to get the most from insurance

Fleet owners are quickly adopting telematics as part of their risk mitigation strategy. Here’s why.

Reliable EV Charging Solution for Last-Mile Delivery Fleets

Selecting the right EV charging infrastructure and the right partner to best solve your needs are critical. Learn which solution PepsiCo is choosing to power their fleet and help...

Overcoming Common Roadblocks Associated with Fleet Electrification at Scale

Fleets in the United States, are increasingly transitioning from internal combustion engine vehicles to electric vehicles. While this shift presents challenges, there are strategies...

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...