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US Xpress’s multi-year wrestle ends with a takeover by Knight-Swift
The multi-year decline within the monetary fortunes of professional quality hauler US Xpress is coming to an finish with Tuesday’s announcement that it will likely be bought by Knight-Swift at a big premium to the corporate’s closing inventory value on Monday. In one of many largest truck gross sales in historical past, Knight-Swift (NYSE:KNX) mentioned it paid $808 million for US Xpress (NYSE:USX). The value is $6.15 per share. U.S. Xpress shares closed at $1.50 on Monday. Within the collectively ready press launch saying the deal, the businesses mentioned US Xpress will add roughly $2.2 billion in complete income to Knight-Swift, together with roughly $1.8 billion in truckloads. It should…