EDEN PRAIRIE, Minn. – 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."
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.
True Crime
The hottest stories ripped from the headlines, from crime to courts, legal and scandal.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.
