Shares of Uber plunge after $2.25 billion cash and stock deal to buy Transplace from TPG

Uber Technologies Inc. UBER,
+0.28%
subsidiary Uber Freight announced a deal Thursday to buy logistics technology company Transplace for approximately $2.25 billion in cash and shares of TPG Capital. Under the terms of the deal, the purchase price includes $750 million in Uber shares and the remainder in cash. Shares of Uber fell 0.6% in pre-market trading. “This is an important 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 leading companies to create a unique shipper-to-carrier platform that will transform shippers’ entire supply chains, provide operational resilience and will reduce costs at a time when it matters most.” Shares of Uber are down 6.8% through Wednesday, while the S&P 500 SPX,
-0.07%
has improved by 16.0%.

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