The combination of trusted services and
technology solutions will reduce friction across the supply chain
and enable a new era of logistics management.
Uber Freight, a subsidiary of Uber Technologies, Inc. (NYSE:
UBER), today announced that it has completed the acquisition of
Transplace from TPG Capital for approximately $2.25 billion in an
all-cash transaction. As partial financing for this transaction,
Abu Dhabi Growth Fund (ADG), D1 Capital, and GCM Grosvenor invested
$550 million in Uber Freight.
The transaction brings together Uber Freight’s vast network of
digitally-enabled carriers with Transplace’s trusted shipper
technology and operational solutions, ultimately creating one of
the world’s leading logistics technology platforms to meet the
rapidly evolving needs of shippers and carriers alike.
“Logistics is going through a historic transformation.
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. Combining the leading shipper
network and the largest digital network of carriers will enable us
to immediately unlock new opportunities and efficiencies for
everyone in the value chain — shippers, carriers, and ultimately
society at large.”
“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,” said Frank McGuigan, CEO of
Transplace. “The acquisition marks a turning point in the industry
and a new era of delivering trusted outcomes by coupling
best-in-class logistics platforms and managed services with the
world’s premier shipper and carrier networks to dramatically
increase value for customers.”
The partnership will unlock deep efficiencies and insights
across $16 billion of Freight Under Management (FUM) and help
reduce transportation costs, improve service, automate processes
and streamline the execution of freight for shippers of all sizes.
The combined networks of Uber Freight and Transplace will also form
the world’s largest network of digitally-enabled carriers with a
combined reach of 135,000 high quality carriers operating across an
expanded set of services throughout North America and Europe,
including intermodal, cross border, expedited, and more.
Advisors
Morgan Stanley & Co. LLC acted as financial advisor to Uber,
and Cooley LLP and Sullivan & Cromwell LLP served as legal
counsel. Goldman Sachs & Co. LLC served as lead financial
advisor to Transplace and TPG Capital. Harris Williams served as
financial advisor. Kirkland & Ellis and Cleary Gottlieb served
as legal counsel to Transplace and TPG Capital.
About Uber Freight
Uber Freight is a logistics platform built on the power of Uber
with the goal to reshape global logistics and deliver reliability,
flexibility and transparency for shippers and carriers. Since
launching in 2017, Uber Freight has built one of the world’s
largest digitally-enabled carrier networks and transformed
entrenched practices around pricing and booking freight to reduce
inefficiencies and increase opportunities for business growth and
industry collaboration. Today, the business counts over 100,000
carriers in its network and thousands of shippers as customers,
from small businesses to Fortune 500 companies, including AB Inbev,
Nestle, LG, Land O’Lakes and many more.
About Transplace
Transplace powers one of the largest managed transportation and
logistics networks in the world. Its tech-enabled services and
solutions platform are backed by the combination of innovative
technology and a dedicated team of domain experts, engineers and
data scientists. Transplace is committed to thrilling its customers
by consistently improving supply chain performance and providing
greater visibility and control of their logistics networks.
Companies of all sizes rely on Transplace to deliver trusted
outcomes through best-in-class logistics management, strategic
capacity and cross-border services.
Forward-Looking Statements
This communication contains forward-looking statements regarding
Uber Freight Holding Corporation (“Freight,” “we” or “our”) future
business expectations which involve risks and uncertainties. Actual
results may differ materially from the results predicted, and
reported results should not be considered as an indication of
future performance. Forward-looking statements include all
statements that are not historical facts and can be identified by
terms such as “anticipate,” “believe,” “contemplate,” “continue,”
“could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,”
“objective,” “ongoing,” “plan,” “potential,” “predict,” “project,”
“should,” “target,” “will,” or “would” or similar expressions and
the negatives of those terms. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. These risks, uncertainties and other factors relate to,
among others: costs, expenses or difficulties related to the
acquisition of Transplace, including the integration of the
Transplace business; failure to realize the expected benefits and
synergies of the transaction in the expected timeframes or at all;
failure to accelerate Freight’s profitability in the expected
timeframes or at all; the potential impact of the consummation of
the transaction on relationships with our and/or Transplace’s
employees, customers, suppliers and other business partners; the
risk of litigation or regulatory actions to us and/or Transplace;
inability to retain key personnel; changes in legislation or
government regulations affecting us or Transplace; developments in
the COVID-19 pandemic and resulting business and operational
impacts on us and/or Transplace; and economic financial, social or
political conditions that could adversely affect us or Transplace.
All information provided in this communication is as of the date of
this communication and any forward-looking statements contained
herein are based on assumptions that we believe to be reasonable,
and information available to us, as of such date. We undertake no
duty to update this information unless required by law.
The forward-looking statements in this communication may also
relate to the business and expectations of Freight’s parent
company, Uber Technologies, Inc. (“Uber”). In addition to the risks
related to the proposed transaction and the business of Freight
and/or Transplace, for additional information on other potential
risks and uncertainties that could cause actual results of Uber to
differ from the results predicted, please see its Annual Report on
Form 10-K for the year ended December 31, 2020 and subsequent Form
10-Qs and Form 8-Ks filed with the Securities and Exchange
Commission (the “SEC”). Uber undertakes no duty to update this
information unless required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211115005193/en/
Press:
For Uber Freight: trucks@launchsquad.com
For Transplace: press@transplace.com
Investors and Analysts:
For Uber: investor@uber.com
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