NEW YORK (AP) — Swift Transportation and rival Knight Transportation are combining to create one of the nation's largest trucking companies.
The two Phoenix companies are merging in an all-stock deal creating the country's leading trucking company catering to customers like retailers and manufacturers with enough products to fill up a full truck by themselves.
The new company will be called Knight-Swift Transportation Holdings Inc. and will have about 23,000 tractors, 77,000 trailers, and 28,000 employees.
Under the deal, 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. Current Swift stockholders will own about 54 percent of the new company.
The deal is expected to close in the third quarter.