Uber’s trucking unit to buy logistics planner Transplace for $2.25 billion

Uber Technologies Inc’s 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.