U.S. Xpress Enterprises
2023
Why
Added a large truckload fleet that Knight-Swift aimed to improve using its operating model; U.S. Xpress returned to profitability in Q2 2026.
Knight-Swift Transportation Holdings Inc.
Truckload Freight Transportation and LogisticsFounded 2017- HQ today: Phoenix, Arizona
Reviewed by Swet Parvadiya
Company data updated: October 2026
Acquisitions
Knight-Swift Acquisitions
4
Major Deals Covered
$1.4B
Disclosed Deal Value
What are Knight-Swift's biggest acquisitions?
Knight-Swift's largest disclosed acquisition here is AAA Cooper Transportation for $1.4B in 2021. This page covers 4 major deals from 2017 to 2023, each with its price where disclosed and the reason behind it.
- Major deals covered
- 4
- Largest deal
- AAA Cooper Transportation ($1.4B)
- First deal
- 2017
- Most recent
- 2023
| Company | Year | Price | Purpose |
|---|---|---|---|
| Swift Transportation | 2017 | Undisclosed | Knight Transportation and Swift Transportation combined in an all-stock merger completed in September 2017, uniting two Phoenix truckload rivals. |
| AAA Cooper Transportation | 2021 | $1.4B | Knight-Swift acquired Southeast LTL carrier AAA Cooper Transportation in 2021 for about $1.35 billion, creating its LTL segment. |
| Midwest Motor Express (MME) | 2022 | Undisclosed | Added an Upper Midwest LTL carrier to complement AAA Cooper's Southeast network. |
| U.S. Xpress Enterprises | 2023 | Undisclosed | Added a large truckload fleet that Knight-Swift aimed to improve using its operating model; U.S. Xpress returned to profitability in Q2 2026. |
- What companies has Knight-Swift bought?
- Major acquisitions by Knight-Swift documented here include AAA Cooper Transportation (2021), U.S. Xpress Enterprises (2023), Midwest Motor Express (MME) (2022) and Swift Transportation (2017).
- What is Knight-Swift's most recent acquisition?
- The most recent Knight-Swift acquisition documented here is U.S. Xpress Enterprises, in 2023.
Midwest Motor Express (MME)
2022
Why
Added an Upper Midwest LTL carrier to complement AAA Cooper's Southeast network.
AAA Cooper Transportation
2021
$1.4B
Why
Knight-Swift acquired Southeast LTL carrier AAA Cooper Transportation in 2021 for about $1.35 billion, creating its LTL segment.
Swift Transportation
2017
Why
Knight Transportation and Swift Transportation combined in an all-stock merger completed in September 2017, uniting two Phoenix truckload rivals.
Impact
Knight's management team led the combined company and applied its cost-focused operating model to the larger Swift fleet.
Outcome
The merger created one of North America's largest truckload carriers and the base for later LTL and truckload acquisitions.
Knight-Swift Transportation Holdings Inc.'s Growth & Acquisition Strategy
Knight-Swift is growing LTL through AAA Cooper (acquired 2021) and Midwest Motor Express (acquired 2022), adding terminals including former Yellow facilities to build a broader regional-to-national footprint; LTL revenue excluding fuel surcharge grew 20.6% in 2025. In truckload, it buys distressed or underperforming fleets such as U.S. Xpress (2023) and applies Knight's operating model to lift margins, while consolidating smaller brands like Abilene Motor Express into Swift.
How Knight-Swift Transportation Holdings Inc. Makes Money
Knight-Swift is paid by shippers to move freight. Truckload: asset-based one-way and dedicated hauling with company tractors and trailers under the Knight, Swift, U.S. Xpress and other brands; revenue is driven by rate per mile, loaded miles and fleet utilization. LTL: AAA Cooper and Midwest Motor Express combine smaller shipments through a terminal network and charge by weight and distance (revenue per hundredweight). Logistics: a non-asset brokerage that books third-party carriers and keeps the spread between shipper rate and carrier cost. Intermodal: containers moved by rail with Knight-Swift handling drayage. Fuel surcharges pass much of the diesel cost back to customers.
Knight-Swift Acquisitions FAQ
When did Knight and Swift merge and what was the transaction value?
In September 2017, Knight Transportation and Swift Transportation completed a landmark all-stock merger of equals valued at $6 billion, creating Knight-Swift Transportation Holdings Inc. as North America's premier truckload transportation conglomerate.
When did Knight-Swift acquire AAA Cooper Transportation and why was it historic?
In July 2021, Knight-Swift acquired leading Southeastern LTL motor carrier AAA Cooper Transportation for $1.35 billion, establishing Knight-Swift's foundational entry into the high-margin Less-Than-Truckload (LTL) market.
When did Knight-Swift acquire Midwest Motor Express (MME)?
In December 2021, Knight-Swift acquired Midwest Motor Express (MME) and its affiliate Midnite Express for $150 million, expanding its regional LTL footprint across the Upper Midwest and Pacific Northwest.
When did Knight-Swift acquire US Xpress Enterprises?
In July 2023, Knight-Swift acquired US Xpress Enterprises, Inc. for approximately $808 million, adding over 7,200 tractors, 14,400 trailers, and significant dedicated fleet capacity to its national network.
How many Yellow Corporation freight terminals did Knight-Swift acquire in 2023?
In December 2023, following Yellow Corporation's bankruptcy auction, Knight-Swift acquired 35 strategically located LTL service terminals and leaseholds for $51 million, dramatically accelerating the national geographic expansion of its LTL network.
When did Knight-Swift acquire specialized carrier UTXL?
In June 2021, Knight-Swift acquired third-party logistics provider UTXL, Inc. for $22.5 million, strengthening its specialized over-the-road freight brokerage and temperature-controlled logistics capabilities.
How did Swift Transportation historically expand via acquisitions prior to the merger?
Prior to the 2017 merger, Swift expanded by acquiring major truckload carriers including M.S. Carriers in 2001 ($300 million), expanding dedicated capacity and securing key retail contracts across the Eastern United States.
What is Knight-Swift's disciplined criteria for future transportation acquisitions?
Knight-Swift targets transportation acquisitions that expand its nationwide LTL terminal density, strengthen US-Mexico nearshoring cross-border trade, or provide accretive dedicated contract fleets that meet strict return-on-invested-capital (ROIC) thresholds.
What companies has Knight-Swift acquired?
To completely dominate all of American logistics, they execute massive acquisitions. In 2021, they bought AAA Cooper for $1.35 billion to aggressively break into the highly profitable "Less-than-Truckload" (LTL) market. In 2023, during a massive freight recession, they ruthlessly acquired U.S. Xpress (one of America's largest struggling carriers) for $808 million, instantly adding thousands of trucks to their fleet.
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