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Uber Freight operates as a middle man in the fragmented long-haul trucking business, connecting truckers with shippers.
Uber Technologies Inc's (UBER.N) trucking business is buying transportation logistics company Transplace for about $2.25 billion from private equity firm TPG Capital, in a deal that is expected to speed up the unit's path to profitability.
The acquisition, announced by Uber on Thursday, consists of up to $750 million in the company's common stock and the remainder in cash.
Uber Freight operates as a middle man in the fragmented long-haul trucking business, connecting truckers with shippers. Transplace works with shipping brokers and carriers to manage supply chains and plan logistics, including cross-border shipments.
The deal marks a departure from Uber's strategy in recent years of selling capital-intensive businesses, such as its self-driving and flying taxi units, to achieve long-elusive profitability.Read more
Source: REUTERS
