Uber Freight Completes Acquisition of Transplace
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Uber Freight announced Nov. 15 that it has completed its acquisition of the managed transportation and logistics network company Transplace from TPG Capital.
The acquisition was closed for approximately $2.25 billion in an all-cash transaction.
Uber Freight hopes the combination of services and technology solutions will reduce friction across the supply chain and enable a new era of logistics management.
“Unprecedented volatility, increasing supply chain complexities and escalating shipping costs are driving shippers to modernize their supply chains with new technologies,” said Lior Ron, head of Uber Freight. “By acquiring Transplace, we’re able to accelerate our vision for a seamless freight ecosystem and create the world’s first true freight operating system.”
Ron added that the combination of services will enable his company to unlock new opportunities and efficiencies throughout the value chain from shippers to carriers. That includes deep efficiencies to help reduce transportation costs, improve service, automate processes and streamline the execution of freight for shippers of all sizes.
Ron of Uber Freight (left), McGuigan of Transplace
“Today it is more essential than ever to bring shipper and carrier networks closer together through a fully connected and transparent logistics ecosystem that addresses the evolving supply chain needs of all stakeholders,” Transplace CEO Frank McGuigan said. “The acquisition marks a turning point in the industry and a new era of delivering trusted outcomes.”
Abu Dhabi Growth Fund, D1 Capital and GCM Grosvenor helped to partially finance the transaction by investing $550 million in Uber Freight. Morgan Stanley & Co. acted as financial adviser to Uber. Goldman Sachs & Co. served as lead financial adviser to Transplace and TPG Capital.
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