US logistics company CH Robinson has announced that it has reached an agreement to acquire US freight broker Freightquote for US$365 million (€297 million) in cash.
The agreement is subject to certain customary closing conditions, including regulatory approval. Closing of the acquisition is expected to occur in the first quarter of 2015.
“Freightquote is a high quality, innovative, growth company that brings a proven model serving smaller businesses,” said John Wiehoff, CH Robinson Chairman and Chief Executive Officer.
“Along with their track record of success, Freightquote has an established brand, a talented management team, excellent people, and a performance-based company culture.”
“We spent a long time looking for the right strategic partner and are pleased to join the C.H. Robinson organisation,” said Tim Barton, Executive Chairman of Freightquote. “The two companies complement each other and together we are well positioned for success into the future.”