CH Robinson acquires online transportation broker Freightquote.com for $365 million
{{#rendered}} {{/rendered}}
C.H. Robinson has acquired the online transportation broker Freightquote.com for $365 million.
Jon Wiehoff, president and CEO of the Eden Prairie, Minnesota, freight and logistics company, said that e-commerce is going to play an increasingly important role in company supply chains.
"Freightquote is a high quality, innovative, growth company that brings a proven model serving smaller businesses," Wiehoff said. "Its proprietary e-commerce technology allows shippers to easily access competitive rates."
{{#rendered}} {{/rendered}}
Freightquote.com Inc. is based in Kansas City, Missouri.
C.H. financed the deal, as well as related fees and expenses, with proceeds from an amended five-year $900 million credit facility.
Shares of C.H. Robinson shed 39 cents to $73.45 in premarket trading Monday.