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KNIGHT-SWIFT TRANSPORTATION AGREES TO ACQUIRE U.S. XPRESS
Fellow Knight-Swift Team Members:
We have some very exciting news to share. Today, we entered into an agreement to add another brand to the Knight-Swift family of companies, U.S. Xpress, a full truckload carrier headquartered in Chattanooga, TN.
U.S. Xpress maintains 14 terminal locations, operating a fleet of approximately 7,200 tractors and 14,400 trailers primarily across the eastern and central United States. The company’s workforce is made up of 7,900 drivers, 300 maintenance technicians and 2,200 driver support personnel who manage over-the-road, dedicated and brokerage lines of business. In 2022, U.S. Xpress reported $2.2B in revenue. Upon close of this transaction, Knight-Swift Transportation Holdings Inc. will approach $10B in consolidated revenue.
U.S. Xpress will continue to operate as an independent brand. Drivers and non-driving employees will continue to serve their existing customers, operating in their terminal locations just as they do today. As with each prior acquisition, our objective is to support the U.S. Xpress brand and team members to become the best-performing version of U.S. Xpress. Knight-Swift has a track record of consistent high performance and success with mergers and acquisitions. Through cross-functional teams, consisting of both U.S. Xpress and Knight-Swift team members, we expect U.S. Xpress will benefit from significant synergy opportunities identified and the sharing of best practices, that we believe will lead to meaningfully improved results.
The announcement today is the first step in the process, and we hope to accomplish this by the end of the second quarter. This announcement should not impact the day-to-day activities of either company. In the meantime, a transition team consisting of Knight-Swift and U.S. Xpress members will begin to work together to develop our strategy in anticipation of the close.
Max Fuller, Executive Chairman, Eric Fuller, CEO, and Eric Peterson, CFO, will stay on in their capacities through the close of the transaction but will pursue new opportunities following the close. Tim Harrington, current EVP of Sales at Swift will join as President of U.S. Xpress, and Josh Smith, currently SVP of Finance at Swift, will join the team as CFO.
We are extremely excited about this announcement and what it means for both organizations. Please join me in offering a warm welcome to U.S. Xpress, our newest addition to the array of amazing companies and brands that make up the Knight-Swift family of companies, and congratulating Tim and Josh on their new roles. You can read more via our press release here: https://investor.knight-swift.com/news/news-details/2023/Knight-Swift-Transportation-Agrees-to-Acquire-U.S.-Xpress-Enterprises-for-6.15-Per-Share/default.aspx
David Jackson
President & CEO
Knight-Swift Transportation Holdings
For answers to common questions, refer to the document attached below.
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