Uber Technologies Inc. has agreed to sell its European freight business in an all-stock transaction to Berlin-based logistics startup Sennder.
The deal values the unit at less that 900 million euros ($1.1 billion), a person familiar with the situation said, asking not the be identified as the details are private.
Uber will acquire a minority stake in Sennder as part of the transaction, the companies said in a statement Wednesday. The partnership includes a program in which Sennder will refer customers seeking services in North America to Uber Freight and vice versa.
“This collaboration with Sennder allows us to further extend our reach in Europe while doubling down on our Uber Freight business in North America, and to jointly push the digital freight industry forward,” said Lior Ron, head of Uber Freight.
Uber’s European freight team in Amsterdam will join Sennder once the deal has closed, and Sennder said it will establish a new office in the city.
Sennder has been focused on expansion this year, having bought French rival Everoad in June and establishing a joint venture with Italian logistics company, Poste Italiane. Sennder has said it aims to reach revenues of 1 billion euros by 2024. Together, Everoad and Sennder have raised more than 120 million euros from investors including Lakestar and Accel.