C.H. Robinson Worldwide, a Fortune 500 company offering third-party logistics, has acquired Freightquote.com for $365 million in cash, according to a press release.
C.H. Robinson will likely increase its existing revolving credit facility to finance the acquisition. Pending regulatory approval, the closing is expected to take place in the first quarter of 2015.
Tim Barton, founder and executive chairman of Freightquote, will serve as a consultant to Freightquote once the acquisition is complete. Barton founded the company in 1998, and the website was officially launched in 1999.
According to its website, Freightquote is the largest online U.S. freight shipping provider. Freightquote exceeds $600 million in annual revenue with more than 1 million shipments each year.
Founded in 1905, C.H. Robinson is one of the world’s largest third party logistics providers, with 2013 gross revenues of $12.8 billion, according to the company’s website. With a large focus on freight transport, the multibillion dollar company has offices across the globe.
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