Knight-Swift rises on deal to buy U.S. Xpress

US Xpress Enterprises

21/03/2023 14:20

** Shares of Knight-Swift Transportation Holdings Inc
 KNX.N  up 6.7% at $56.63
    ** Transportation firm to acquire ground freight
company U.S. Xpress Enterprises Inc  USX.N  for $6.15/share;
Deal represents total enterprise value of $808 mln
    ** Shares of Chattanooga, Tennessee-based U.S. Xpress nearly
quadruple to $5.94
    ** Knight-Swift expects deal to add to its adjusted EPS from
2024
    ** U.S. Xpress will continue as separate brand and at deal
closing Executive Chairman Max Fuller, CEO Eric Fuller and CFO
Eric Peterson will transition out of their roles
    ** Senior Knight-Swift executives Tim Harrington and Josh
Smith will then become U.S. Xpress president and CFO,
respectively
    ** KNX had lost 14% in 2022

 (Reporting By Akshita Toshniwal)
 ((Akshita.Toshniwal@thomsonreuters.com))