BERLIN – Digital freight firm Sennder has agreed to buy the European logistics operations of its U.S. rival C.H. Robinson (NASDAQ: CHRW) in a deal set to double its revenue to 1.4 billion euros ($1.5 billion), the German company said on Tuesday.
Sennder, which brokers freight loads to freight forwarders via its online platform, hopes to optimize its connecting journeys with the larger size. “This makes us more attractive for small transport companies as well as shippers across Europe,” Sennder’s Chief Executive David Nothacker said.
According to the firm’s website, it is backed by private equity investors Baillie Gifford, Accel, and HV Capital, and has operations across Europe, including in the Netherlands, France, and Poland.
The acquisition of C.H. Robinson’s (NASDAQ: CHRW) European Surface Transportation (EST) operations was expected to close in the final quarter of this year, Sennder said in a statement.
“The transaction will be settled entirely in cash. We have agreed not to disclose the purchase price,” Nothacker told Reuters. Sennder would continue to examine new opportunities in the coming months, he added. “We want to continue to invest, we want to continue to grow, we have big plans.”
The company doesn’t currently plan a new financing round, Nothacker said. The company had raised more than $350 million about a year ago.
($1 = 0.9237 euros)
(Source: Reuters)
Jennifer Tacker is a staff writer at ABBO News. She holds a B.A. from the University of Waterloo and a B.Ed from Western University. Jennifer has been active in the stock market and crypto sector for a decade. She specializes in technical analysis and trading strategies.
