Swift to Buy M.S. Carriers For $383 Million in Stock

Swift Transportation Co. (SWFT) stunned the truckload sector of the industry last week when it announced it would acquire rival M.S. Carriers (MSCA) for $383 million, making it the third-largest carrier in that market.

Under the agreement, announced Dec. 11, M.S. shareholders will receive 1.7 shares of Swift for each share of M.S. they own when the deal is finalized, which is scheduled for April. Based on stock prices when the deal was unveiled, the agreement is worth some $383 million.

The boards of directors of both companies approved the transaction. Before it is finalized and M.S. Carriers vanishes from the stock exchange, the deal must be ratified by the shareholders of both companies and cleared by the Federal Trade Commission and the Justice Department.

After the merger, the new Swift would have a fleet of more than 10,000 tractors and almost 38,000 trailers.

For the full story, see the Dec. 18 print edition of Transport Topics. Subscribe today.