Investors approve Knight-Swift deal
PHOENIX, AZ – A merger to create the biggest truckload fleet in North America has been approved by stockholders.
A special meeting of Knight Transportation stock holders, held yesterday, approved the merger of the company with Swift Transportation Company that was announced in April.
Swift also held a special investors’ meeting where the transaction was approved.
The merger, an all-stock deal, creates Knight-Swift Transportation Holdings, trading under the ticker “KNX.” The new company is worth close to US $6 billion.
The new company will remain headquartered in Phoenix, Arizona, and will combine assets for a total of approximately 23,000 tractors, 77,000 trailers, and 28,000 employees, however calls to Swift indicated that not all corporate employees would remain with the company. Those leaving will be determined in the coming days.
Knight expects the merger to be complete today.
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