Swift Transportation is merging with Knight Transportation in a share swap that would combine two of the biggest U.S. trucking operators that are together worth more than $5
billion, The Wall Street Journal reported.

Each Swift share would be converted into a 0.72 share of the new company through a reverse stock split. Knight shares would be exchanged one-for-one. Swift shareholders would own 54 percent of the new entity and Knight shareholders would own the rest, the Journal said.

The deal values each Swift share at $22.07, a 10 percent premium to its closing price on Friday, the report said.

The deal would replace XPO Logistics’ purchase of Con-way for $3 billion as the biggest acquisition in the trucking business, the Journal said.

Swift and Knight were not immediately available for comment outside regular business hours.