Rideshare company Uber's stock slipped 0.6% in premarket trading after its $2.25 billion plan to acquire Transplace from TPG Capital was announced on Thursday. Uber Freight's, the trucking division on Uber, move comes at a time of accelerated transformation in logistics. Uber's stock, down 0.48% when this report was written,  declined 6.8% year to date through Wednesday. 

Also read: Jeff Bezos plays catch with Skittles during the trip to the edge of space

According to the agreement, Uber will pay up to $750 million in the common stock of Uber Freight’s parent company and the rest in cash to TPG Capital. Transplace, a Dallas-based company, was acquired by TPG in 2017. 

“The demands of a volatile market and the increasing complexity of globalized logistics are clashing with industrial-age transportation technology. In the midst of capacity constraints and escalating transportation costs, shippers are adapting their operations at an increasing pace and looking for technology, support, and solutions that can modernize their supply chain and keep critical goods, and the economy, moving," Uber said.

Also read: Elon Musk says 'I pump but don't dump' bitcoin

The deal is expected to help Uber’s trucking division reach profitability. However, it is still subject to regulatory approval.

"This is a significant step forward, not just for Uber Freight but for the entire logistics ecosystem. This is an opportunity to bring together complementary best-in-class technology solutions and operational excellence from two premier companies to create an industry-first shipper-to-carrier platform that will transform shippers' entire supply chains, delivering operational resilience and reducing costs at a time when it matters most," said Lior Ron, head of Uber Freight.

Also read: Pegasus row: Why commercialisation of digital surveillance is a problem

Uber Freight operates as a middle man in the trucking business, connecting truckers with shippers. The parent company last year had heavily invested in its food-delivery service Uber Eats and capital-intensive businesses like flying taxi units. However, this deal puts weight behind the company's accelerated transformation in logistics. 

"This transaction is expected to accelerate Uber Freight's path to profitability and help the segment to break even on an adjusted EBITDA basis by the end of 2022," Uber added.