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  • Knight Transportation, Swift Transportation Announce Merger

Knight Transportation, Swift Transportation Announce Merger

Combined Entity Will Be Largest Trucking Company in U.S.

Apr 10, 2017
Two titans of the trucking industry, Phoenix-based Knight Transportation, Inc. and Swift Transportation Company, have announced a merger, which will create the largest full truckload company. The two companies’ boards of directors unanimously approved the merger in an all-stock transaction. The combined company, to be known as Knight-Swift Transportation Holdings, will trade on the New York Stock Exchange under the symbol KNX. Current Swift shareholders will receive 0.72 shares of Knight. The deal is expected to close in the third quarter of 2017.
The two companies have a combined annual revenue of approximately $5 billion and operate a combined fleet of approximately 23,000 tractors, 77,000 trailers and 28,000 employees. Despite the consolidated corporate governance under the merger, the two companies plan to maintain distinct branding and operations. The board of directors of the new combined company will consist of all current Knight directors and four current Swift directors. Kevin Knight will serve as executive chairman of Knight-Swift, Dave Jackson as chief executive officer, Adam Miller as chief financial officer, and Gary Knight as vice chairman. Jerry Moyes will remain as a non-employee senior advisor to Kevin and Gary Knight.
The two companies have a history going back decades, with the four founding cousins of Knight Transportation, brothers Randy and Gary Knight, and Kevin and Keith Knight, working for Swift before founding Knight Transportation in 1990.
Source: Knight Transportation
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