Uber Freight To Acquire Transplace For $2.25B Towards Industry-First Shipper-To-Carrier Platform

Uber Technologies Inc's UBER Uber Freight agreed to acquire Transplace from TPG Capital for $2.25 billion, consisting of up to $750 million in shares and the remaining in cash.
It will help Uber Freight expand its presence into Mexico and through new intermodal and customs brokerage capabilities.
This transaction is likely to accelerate Uber Freight's path to profitability and help the segment to break even on an Adjusted EBITDA basis by the end of 2022.
The arrangement aims to create an industry-first shipper-to-carrier platform that will transform shippers' entire supply chains, deliver operational resilience, and reduce costs.
It could significantly reduce shipper and carrier empty miles to benefit highway and road infrastructures and the environment.
Uber held $5.7 billion in cash and equivalents as of Mar. 31.
Price action: UBER shares traded lower by 0.35% at $47.34 on the last check Thursday.