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April 10 (Reuters) - Swift Transportation Co is merging with Knight Transportation Inc in a share swap that would combine two of the biggest U.S. trucking operators that are together worth more than $5 billion, the Wall Street Journal reported.
Each Swift share would be converted into a 0.72 share of the new company through a reverse stock split. Knight shares would be exchanged one-for-one. Swift shareholders would own 54 percent of the new entity and Knight shareholders would own the rest, the Journal said. on.wsj.com/2oQmdoW
The deal values each Swift share at $22.07, a 10 percent premium to its closing price on Friday, the report said.
The deal would replace XPO Logistics' purchase of Con-way Inc for $3 billion as the biggest acquisition in the trucking business, the Journal said. reut.rs/2nSuO5J
Swift and Knight were not immediately available for comment outside regular business hours. (Reporting by Rama Venkat Raman in Bengaluru; Editing by Amrutha Gayathri)