Swift Transportation and Knight Transportation announced today that they will merge to form “the industry’s largest full truckload company” following an all-stock transaction worth a reported $6 billion.

The newly combined company will be called Knight-Swift Transportation Holdings Inc. Knight-Swift will be headquartered in Phoenix, Arizona, where both companies are currently based. The combined company will have 23,000 tractors, 77,000 trailers, and 28,000 employees.

According to a news release, the merger will create a new giant in the trucking industry with “‘Top 5’ truckload presence in dry van, refrigerated, dedicated, cross-border Mexico and Canada, and a significant presence in brokerage and intermodal. The holding company structure will enable the Knight and Swift businesses to operate under common ownership and share best practices, while maintaining distinct brands and operations.

Knight-Swift will have a combined annual revenue of $5 billion.

The board of Knight-Swift will be comprised of all of Knight’s current directors and four Swift directors. The Moyes family will appoint two of the Swift directors. The other two Swift directors will be current Swift Chairman Richard Dozer and David Vander Ploeg. Swift’s current CEO Richard Stocking will leave the company to “pursue other opportunities” after the merger is complete.

Swift founder Jerry Moyes remarked, “I cannot think of a better combination. The Knight and Moyes families grew up together, and the Knights helped me build Swift before starting their own company and making it an industry leader in growth and profitability. I am confident that we have the right approach to maximizing the contribution of both teams, and I look forward to helping the Knight-Swift leadership team in any way I can to continue the legacy of both great companies.

Under this ownership structure, we will be able to operate our distinct brands independently with experienced leadership in place. We look forward to learning from each other’s best practices as we seek to be the most efficient company in the industry. We are dedicated to a seamless transition and ensuring continuity for our customers and professional Driving Associates,” said Knight CEO Dave Jackson.