Uber reportedly weighing up spinoff of freight logistics business: Bloomberg

By Yasin Ebrahim

Investing.com -- Uber Technologies (NYSE: UBER) is weighing up options to spin off its freight logistics business either in a sale or as a separate publicly traded company at a time when the company is doubling up efforts to grow its ride-hailing and food-delivery businesses, Bloomberg reported Wednesday, citing unnamed sources.

Uber Technologies was up about 3% following the news.

A decision by Uber on the freight business isn’t imminent and the company’s plans could change, the sources said. One source said an IPO is the more likely outcome, according to the report.

A spinoff would allow the firm to devote more attention to its growing ride-hailing and food-delivery units at a time when its freight logistics business continues to struggle amid a softer backdrop in trucking.

An Uber spokesperson declined to comment, Bloomberg said.

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