(Akin Oyedele – Business Insider)
Knight Transportation and Swift Transportation have agreed to merge to create a North American trucking giant.
The merged firm, to be called Knight-Swift, will have a holding company structure while maintaining the distinct brands, according to a statement Monday.
In an all-stock transaction, each Swift share will convert into 0.72 shares of the merged company. Each Knight share will be swapped for one Knight-Swift share.
The deal would help Knight and Swift take on their competitors amid plunging orders for some companies like Volvo Trucks North America. The rise of e-commerce is also changing their industry, as volumes and costs rise to meet new demand for home delivery. Click here to read more.