Uber Technologies has announced that it has sold part of its Uber Freight business to New York-based private equity firm Greenbriar Equity Group for around £400m ($500m). The deal values the new acquisition at £2.56bn.
The global ridesharing platform said it would maintain majority ownership of Uber Freight.
As part of the deal, Uber will use the funding to scale its logistics platform and aid in the firm’s recovery from the impact of the coronavirus pandemic. The firm announced that it has suffered a 35-40% decrease in usage since March.
Uber Freight connecting logistics drivers and delivery services with shippers across the world.
Michael Weiss and Jill Raker, Managing Partners of Greenbriar, will join Uber Freight’s board, as part of the deal.
Lior Ron, Head of Uber Freight said: “We are thrilled to be moving into the next chapter with Greenbriar by our side as a partner with deep expertise and a shared passion for simplifying logistics.”