Update, Sept. 11, 8:30 a.m.: The companies announced Sunday that the merger has taken effect. See the original story below.
The merger deal between the two carriers — two of the country’s largest truckload firms — has been approved by both companies’ shareholders.Shareholders for Knight Transportation and Swift Transportation, two of the country’s largest trucking fleets on course for a merger this year, have approved the deal made between the two companies. The merger is expected to close Sept. 8.
In separate votes held this week, shareholders for both companies stamped approval on the deal. The two Phoenix-based carriers announced the merger deal April 8. The newly formed company, to be called Knight-Swift Transportation Holdings, will operate about 30,000 tractors and could see annual revenues of $7 billion or more. Terms of the merger deal were not disclosed, but Swift shareholders will retain 54 percent ownership of the company, and Knight shareholders will have 46 percent.
The companies said they intend to continue to operate as separate entities.
The Federal Trade Commission stamped approval on the deal earlier this summer.
