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Swift and Knight driven higher as trucking giants reveal merger plans

Monday, April 10, 2017 7:01
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(Before It's News)

Shares in Swift Transportation Co (NYSE:SWFT) and Knight Transportation (NYSE:KNX) were both driven higher in pre-market trading on Monday as the two trucking giants unveiled plans to merge.

The all-stock transaction will combine two of the biggest trucking operators in the US, creating a US$5bn company in the process.

Under the terms of the deal, each Swift share will convert into 0.72 shares of Night-Swift through a reverse stock split. Each Knight share will be exchanged for one Knight-Swift share.

The deal values each Swift share at US$22.07 – a 10% premium to last week’s closing price.

Assuming the deal go through as planned, Swift shareholders will own around 54% of the combined company, with Knight stockholders holding the remaining 46%.

Before today’s proposed merger, the previous biggest deal in the trucking industry was XPO Logistics Inc’s (NYSE:XPO) US$3bn acquisition of Con-way back in 2015.

Story by ProactiveInvestors


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