Phoenix-based Knight-Swift Transportation acquires Alabama company in $1.35B deal

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Phoenix-based Knight-Swift Transportation acquires Alabama company in .35B deal

Knight-Swift Transportation Holdings Inc., a freight forwarding company based in Phoenix, is acquiring AAA Cooper Transportation of Dothan, Alabama, valued at $ 1.35 billion county, but the acquisition puts the company in the LTL market (less than Truck load) for deliveries along the so-called “last mile” before a package reaches its destination. The purchase price for AAA Cooper was $ 1.3 billion in cash, $ 10 million in Knight Swift stock, and approximately $ 40 million in assumed debt. Knight-Swift said the cash for the transaction will come from a new $ 1.2 billion term loan from Bank of America, in addition to the existing liquidity. The acquisition closed on July 5th and Knight-Swift became 100% owner of AAA Cooper. The company said the deal will make a positive contribution to Knight-Swift’s bottom line in the third quarter. Read more about this story in the Business Journal.

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