Monday, December 8, 2014
C.H. Robinson to buy online freight broker Freightquote.com
Logistics giant C.H. Robinson Worldwide announced it would buy online shipping provider Freightquote.com for $365 million.
Freightquote.com is one of the largest internet-based freight brokers in the U.S., making more than 1 million shipments across North America annually.
"E-commerce is going to be a bigger part of future supply chain services and Freightquote brings us a leading solution in our industry," said John Wiehoff, C.H. Robinson’s CEO.
C.H. Robinson said it would likely increase its existing revolving credit facility to finance the acquisition. which is expected to close in the first quarter of 2015.
Freightquote.com, founded by Tim Barton in 1998, has annual revenue of more than $600 million and operates truckload, less-than-truckload, expedited services and intermodal freight businesses, according to its website.
For more of the Reuters story: www.reuters.com
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