An Uber Freight truck.
Source: Travis Kalanick | Twitter
Uber Freight, the rideshare company’s trucking division, said Thursday it’s acquiring Transplace in a deal that values the transportation logistics company at $2.25 billion.
Uber Freight will acquire Transplace from TPG Capital, the private equity platform of alternative asset firm TPG. The deal consists of of up to $750 million in common stock of Uber.
It’s a rare move for Uber, which has spent the last year shedding its profit-eating self-driving unit and flying taxi segment. Instead, Uber has been choosing to pour billions into strengthening its Uber Eats segment, acquiring alcohol delivery company Drizly and Postmates.
The companies said the acquisition comes at a time of accelerated transformation in logistics.
“The demands of a volatile market and the increasing complexity of globalized logistics are clashing with industrial-age transportation technology,” the company said. “In the midst of capacity constraints and escalating transportation costs, shippers are adapting their operations at an increasing pace and looking for technology, support, and solutions that can modernize their supply chain and keep critical goods, and the economy, moving.”
This is a developing story. Please check back for updates.