CH Robison to buy Internet-based freight broker Freightquote for $365 million cash

Associated Press

Trucking company C.H. Robinson is buying Freightquote.com Inc. for $365 million in cash to expand its e-commerce services.

Freightquote, based in Kansas City, Missouri, is an online freight brokerage that C.H. Robinson's CEO, John Wiehoff, said helps smaller businesses find cheaper shipping rates. It employs about 1,000 workers and is expected to post revenue this year of about $124 million.

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Eden Prairie, Minnesota-based C.H. Robinson Worldwide Inc. said Monday that Tim Barton, who founded Freightquote in 1999, will serve as a consultant after the deal closes.

The transaction is expected to close in the first quarter, subject to regulatory approval and other closing conditions.