M&A · Industrials · Trucking (No Local)
Knight-Swift Transportation Holdings Inc. to acquire US Xpress Enterprises Inc
Announced Mar 21, 2023 · Closed Jul 3, 2023
Deal value$808MEV $808M
Premium—To unaffected price
EV / Adj. EBITDA13.2x0.4x EV / Revenue
ConsiderationAll cash$6.15 per share
Transaction
- Acquirer
- Knight-Swift Transportation Holdings Inc. (KNX)
- Target
- US Xpress Enterprises Inc
- Buyer type
- Strategic
- Offer price per share
- $6.15
- Enterprise value
- $808M
- Status
- Closed Jul 3, 2023
Deal protections
- Break fee (target pays)
- $6.3M · 0.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
Sector context · Industrials
- Comparable deals
- 79 in the prior 24 months
- Premium
- Sector median 47.6%
- EV / Adj. EBITDA
- 13.2x vs. 12.2x sector median
- Break fee
- 0.8% vs. 2.8% sector median
Timeline
- AnnouncedMar 21, 2023
- Proxy filedApr 20, 2023
- Definitive proxyMay 24, 2023
- Shareholder voteJun 29, 2023
- ClosedJul 3, 2023
Valuation · fairness opinions
Discounted cash flow$2.60$6.50
Offer $6.15
Implied value per US Xpress Enterprises Inc share by analysis, from JPMorgan · DCF discount rate 8%–10%.