An Uber Freight truck.

Source: Travis Kalanick | Twitter

Uber Freight, the rideshare company’s trucking division, said Thursday it’s acquiring Transplace in a deal that values the transportation logistics company at $2.25 billion.

Uber Freight will acquire Transplace from TPG Capital, the private equity platform of alternative asset firm TPG. The deal consists of of up to $750 million in common stock of Uber.

This is a developing story. Please check back for updates.

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