Uber Technologies announced on Friday that its wholly-owned trucking logistics arm – Uber Freight – has received a $500 million preferred stock investment from a group led by Greenbriar Equity. According to the ride hailing and food delivery company, the deal values the subsidiary unit at $3.3 billion on a post-money basis.Uber (UBER) intends to use the investment proceeds to build out its logistics platform and speed up product innovations. As part of the transaction, Greenbriar Managing Partners Michael Weiss and Jill Raker will join the Uber Freight board. Uber stated that it will continue to maintain majority ownership in …read more
Source:: Yahoo Finance
