Jerry Moyes announced that Saint Corp, a business formed by him and certain related parties, has successfully completed the acquisition of Swift Transportation Co Inc.
Moyes is founder, former chairman of the board, and chief executive officer of Swift. As previously announced Jan 19, 2007, Saint entered into a definitive agreement with Swift to acquire all the outstanding shares of Swift common stock for $31.55 per share in cash, including assumption of some $332 million of net debt. This makes the value of the all-cash transaction about $2.6 billion, or roughly $3.6 billion counting the Moyes family's rollover of its Swift investment and its contribution of Interstate Equipment Leasing.
In connection with the transaction, Swift stock will cease to trade on the NASDAQ and will be delisted.