Uber's stock drops after $2.25 billion cash-and-stock deal to buy Transplace from TPG
Uber Technologies Inc. subsidiary Uber Freight announced Thursday a deal to buy logistics technology company Transplace for about $2.25 billion in cash and stock from TPG Capital. Under terms of the deal, the purchase price includes $750 million worth of Uber stock and the rest in cash. Uber's stock slipped 0.6% in premarket trading. "This is a significant step forward, not just for Uber Freight but for the entire logistics ecosystem," said Lior Ron, head of Uber Freight. "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." Uber's stock has declined 6.8% year to date through Wednesday, while the S&P 500 has advanced 16.0%.
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