Uber explores logistics unit sale, IPO – Bloomberg News
5:34 pm Wednesday, March 08th, 2023
(Reuters) -Uber Technologies Inc is exploring whether to spin off its Uber Freight logistics unit in a sale or as a separate publicly traded firm, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The company did not immediately respond to a Reuters request for comment.
The ride-sharing firm is discussing its options with potential advisers, according to the report, which adds that an initial public offering is a more likely outcome.
If the company lands on an IPO, it may not happen until next year and will depend on market conditions, the report added.
Uber launched the freight division in 2017 and acquired logistics firm Transplace in 2021 for $2.25 billion. Uber Freight connects truckers with shippers, acting as a middle-man in the long-haul trucking business.
In January, the division said it would lay off roughly 150 employees, or about 3% of its workforce.
(Reporting by Eva Mathews in Bengaluru; Editing by Maju Samuel)
