A big acquisition in US transport
Knight-Swift is acquiring US Xpress for about USD 808 million, excluding transaction costs. After the transaction is completed, which is expected for Q2-Q3/2023, US Xpress will continue as a separate brand and operation.
At the same time, cross-functional teams made up of executives from Knight-Swift and US Xpress will work together to leverage economies of scale, freight network efficiencies, and best practices, the two companies said. US Xpress generated USD 2.2 billion in total operating revenue in 2022 while serving its blue-chip customer base through a network of 14 facilities, primarily located across the eastern United States. Its fleet comprises 7,200 tractors and 14,400 trailers, including tractors provided by 1,000 independent contractors.
Knight-Swift is one of North America's largest and most diversified freight transport companies, providing multiple truckload and less-than-truckload transportation, logistics, and business services to the shipping and transport sectors in North America. (ben)