Reuters logo
4 个月前
BRIEF-Knight Transportation and Swift Transportation announce all stock transaction with a combined enterprise value of $6 bln
2017年4月10日 / 上午11点26分 / 4 个月前

BRIEF-Knight Transportation and Swift Transportation announce all stock transaction with a combined enterprise value of $6 bln

April 10 (Reuters) - Knight Transportation Inc

* Knight Transportation and Swift Transportation announce all stock transaction with a combined enterprise value of $6 billion

* Deal expected to be accretive to adjusted EPS

* Knight Transportation Inc - Under terms each Swift share will convert into 0.72 shares of Knight-Swift by means of a reverse stock split

* Companies to maintain distinct brands and operations

* Knight Transportation Inc - Implied value per share of Swift is $22.07

* Knight Transportation Inc- Transaction is expected to be accretive to adjusted earnings per share

* Knight Transportation - Deal with expected pre-tax synergies of approximately $15 million in second half of 2017, $100 million in 2018, and $150 million in 2019

* Knight Transportation Inc - Swift stockholders will own about 54 percent and Knight stockholders will own approximately 46 percent of combined company

* Knight Transportation - New co will remain headquartered in Phoenix, Arizona operating with about 23,000 tractors, 77,000 trailers, and 28,000 employees

* Knight Transportation Inc - Post-closing, Knight-Swift expects to pay its stockholders quarterly dividends of $0.06 per share

* Knight Transportation Inc - Companies expect net capital expenditures to be approximately $345 million to $410 million for full year 2017

* Board of directors of Knight-Swift will comprise all Knight directors and four current Swift directors

* Knight Transportation - Swift credit facilities not required to be refinanced in connection with closing but may be refinanced in future

* Knight Transportation - Executive team of Knight-Swift will be led by Kevin Knight as executive chairman, Dave Jackson as chief executive officer

* Executive team of Knight-Swift will also be led by adam Miller as Chief Financial Officer

* Following close of transaction, Kevin Knight will serve as president of Swift Operating Entities

* Morgan Stanley & Co. LLC served as financial advisor to Swift for the transaction

* Under terms each share of Knight will be exchanged for one Knight-Swift share Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below