PHOENIX, Ari. — Knight Transportation and Swift Transportation announced Monday morning that they are merging to form a new company called Knight-Swift Transportation.

According to reports, the merger is an all-stock deal with a combined enterprise value of $6 billion.

The new entity will trade under the ticker KNX, the companies said in a joint statement, adding the deal “combines under common ownership two long-standing industry leaders creating North America’s premier truckload transportation company with $5 billion in annual revenue and a ‘Top 5’ truckload presence in dry van, refrigerated, dedicated, cross-border Mexico and Canada, and a significant presence in brokerage and intermodal.”

The company will remain headquartered in Phoenix, Arizona with close to 23,000 tractors, 77,000 trailers and 28,000 employees.

Each Swift share will convert into 0.72 shares of Knight-Swift via a reverse stock split. Each share of Knight will be exchanged for one Knight-Swift share.

The deal is expected to close in the third quarter.