Stockholders of Swift Transportation Company and Knight Transportation Inc have approved a merger of the two trucking companies at special meetings, with stockholders from both firms approving all proposals put forward.
Knight and Swift entered into a merger agreement April 9, 2017, agreeing to a combination transaction in which their respective businesses will be operated separately under a single combined company. This combined company will be named Knight-Swift Transportation Holdings Inc and will trade under the ticker “KNX.”
Under terms of the merger agreement, 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.
The merger is expected to close September 8, 2017.
Morgan Stanley & Co LLC served as financial advisor to Swift. Kirkland & Ellis LLP served as legal advisor to Swift.
Knight provides multiple truckload transportation and logistics services using a nationwide network of business units and service centers to serve customers throughout North America. Besides operating one of the nation’s largest tractor fleets, Knight also contracts with third-party equipment providers to provide a range of truckload services.
Founded and based in Phoenix AZ, Swift operates a tractor fleet of about 18,500 units driven by company and owner-operator drivers. It operates more than 40 terminals positioned near major freight centers and traffic lanes in the United States and Mexico. Swift’s suite of services includes general; temperature-controlled; dedicated and cross-border US/Mexico/Canada service; flatbed and specialized trailers, as well as rail intermodal and non-asset-based freight brokerage and logistics management services.