Jerry Moyes completes acquisition of Swift Transportation

[Staff]

Jerry Moyes -- founder and former chairman of the board and chief executive officer of Swift Transportation -- announced Thursday, May 10, that Saint Corp., a corporation formed by himself and certain related parties, has successfully completed the acquisition of Swift.

As previously announced on Jan. 19, Saint entered into a definitive agreement with Swift to acquire all of the outstanding shares of Swift common stock for $31.55 per share in cash, including the assumption of abput $332 million of net debt, valuing the all-cash transaction at about $2.6 billion, or about $3.6 billion counting the Moyes family's rollover of their Swift investment and their contribution of Interstate Equipment Leasing.

"I am extremely pleased to have successfully completed the acquisition of Swift," Moyes says. "I am confident that as a private company, Swift will be better positioned to operate in today's highly competitive trucking industry. Our customers will continue to receive the high levels of service that they have come to expect from Swift, as our commitment to serving their needs remains steadfast.

"I am confident that together with the 25,000 hard-working and dedicated Swift employees and independent contractor drivers, we will build upon Swift's unique legacy and further position this great company for continued growth and success," Moyes says. "I want to thank Swift's customers, stockholders and employees for their support throughout this process."

Source: Etrucker