Uber buying Transplace in $2.25B logistics bet
Uber wants to fix America's supply chain chaos
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Uber not only wants to give you rides, but the company also wants to help fix America's supply chain chaos.
Uber Freight will acquire Transplace for approximately $2.25 billion, consisting of up to $750 million in common stock of parent Uber Technologies Inc. and the remainder in cash from private equity firm TPG Capital.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 71.62 | +0.06 | +0.08% |
The deal comes as the country's supply chains are crunched, delaying the delivery of critical items such as computer chips and furniture.
"This is a significant step forward, not just for Uber Freight but for the entire logistics ecosystem," said Lior Ron, head of Uber Freight in the announcement. "This is an opportunity to bring together complementary best-in-class technology solutions and operational excellence from two premier companies to create an industry-first shipper-to-carrier platform that will transform shippers’ entire supply chains, delivering operational resilience and reducing costs at a time when it matters most."
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Uber shares have fallen over 7% this year as the company struggles to find drivers and customers protest higher charges.