The boards of directors for the Phoenix-based trucking giants Knight Transportation and Swift Transportation Company have approved a multibillion-dollar merger.
The deal is worth an estimated $6 billion. Knight and Swift already have huge truck fleets operating internationally. Officials said the merger will transform them into an industry giant.
The new venture, dubbed Knight-Swift Transportation Holdings Inc., will have common ownership. But the Knight and Swift brands will continue to operate separately.
Both companies stockholders must approve the deal. Officials expect it to be finalized sometime between July and the end of September. The new company will have about 28,000 employees, and its headquarters will remain in Phoenix.
