An Arizona-based truckload carrier announced Tuesday it is buying Chattanooga-based U.S. Xpress Enterprises for $808 million.

U.S. Xpress employees close to 9 thousand people.

A release from Knight-Swift Transportation says the boards of directors of both companies have approved the transaction.

The deal will happen either at the end of the second quarter of this year or the beginning of the 3rd, according to the release.

U.S. Xpress will continue to operate as an independent brand under the terms of the deal, according to CEO Eric Fuller.

Also as part of the deal, U.S. Xpress stockholders will get 310% premium over its closing stock price on Monday. That price was $1.50 at the close of business on Monday. By mid-morning Tuesday, an individual share of U.S. Xpress had shot up to around $6.

“We are very pleased to deliver to our stockholders the opportunity for near-term liquidity at a significant premium,' said Fuller. 'Additionally, joining the Knight-Swift team is an exciting opportunity for our people, our customers, and the Chattanooga and other communities we call home. The increased scale, operating expertise and resources of the combined entity will allow U.S. Xpress to pursue new levels of service and efficiency. We’re delighted that U.S. Xpress will continue to operate as an independent brand and will do so with the support and partnership of one of North America’s strongest transportation companies.

Last August, U.S. Xpress announced it was laying off about 5 percent of its workforce. The release from Knight-Swift Transportation has no language that indicates any layoffs will come for U.S. Xpress employees as a part of this deal.

We're working to learn more details. Depend on us to keep you posted.