Moyes Completes Swift Buyout Deal
Carrier’s Founder Will Take Over in $2.5 Billion Deal
Swift Transportation Co. founder Jerry Moyes said Thursday he has completed his $2.5 billion takeover of the truckload carrier.
Moyes, a former chief executive officer and chairman of the board of Swift, said in a statement that Saint Corp., which he recently started with several other investors, will take over Swift.
Moyes entered into an agreement with Swift in January to acquire all of the company's outstanding shares for $31.55 per share in cash, including the assumption of about $332 million in debt.
Swift shareholders approved the deal April 27.
Swift is ranked No. 9 on the Transport Topics 100 list of the largest for-hire carriers in the United States and Canada and is the largest U.S. truckload carrier.