Swift Transportation acquired by founder, largest shareholder Jerry Moyes

By Lisa Kerner

Charlotte, N.C., May 10 - Swift Transportation Co., Inc.'s largest shareholder and former chief executive officer Jerry Moyes and his Saint Corp. completed the all-cash deal to take the company private. The transaction, valued at $3.6 billion, includes the rollover of the Moyes family Swift investment and their contribution of Interstate Equipment Leasing.

Under the companies' Jan. 19 definitive agreement, Swift stockholders received $31.55 for each outstanding share of Swift common stock, up from Moyes' initial proposal of $29.00 per share on Nov. 6, 2006.

"I am confident that as a private company, Swift will be better positioned to operate in today's highly competitive trucking industry," Moyes said in a company news release.

"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."

Swift, founded by Moyes in 1966 and based in Scottsdale, Ariz., operates a fleet of more than 17,900 trucks and has nearly $3.2 billion in annual revenues.

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