C.H. Robinson To Buy Freightquote For $365 Mln Cash

(RTTNews) - CH Robinson Worldwide Inc. (CHRW) said Monday that it has reached an agreement to buy Freightquote.com, Inc. for $365 million in cash.

Founded in 1999, privately-held Freightquote is one of the largest internet-based freight brokers in the United States. Headquartered in Kansas City, MO with about 1000 employees, Freightquote provides truckload, less than truckload and intermodal services to about 80,000 customers. Freightquote's calendar 2014 gross revenues are projected to be about $623 million and net revenues are projected to be about $124 million.

The deal is expected to close in the first quarter of 2015.

C.H. Robinson will likely increase its existing revolving credit facility to finance the acquisition.

Tim Barton, Executive Chairman of Freightquote, will serve as a consultant to Freightquote following the closing of the acquisition.