Knight-Swift Transportation Holdings Inc. is looking to buy out Tennessee-based trucking company U.S. Xpress Enterprises Inc. for $808 million.
As part of the acquisition, U.S. Xpress shareholders would receive an equivalent of $6.15 per share in cash – a 310% premium over the company’s closing stock price of $1.50 per share on March 20, according to a Knight-Swift filing and announcement on Tuesday.
“The opportunity to add one of the largest and most well-known brands in our industry, with significant opportunity to improve earnings, gain customers and reach more professional drivers, was very compelling to us,” Dave Jackson, Knight-Swift’s CEO, said in a statement. “We expect to apply the same playbook that proved successful in the Knight-Swift merger as we share best practices, improve operations and work together to help U.S. Xpress become the best that it can be.
The boards of directors of Phoenix-based Knight-Swift and U.S. Xpress unanimously approved the transaction, which is expected to close in the second quarter or early third quarter of 2023. The transaction is pending U.S. Xpress shareholder approval, according to the regulatory filing.
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