Freightos set for listing following merger with Gesher

Source: Freightos

Cargo booking portal Freightos and Israel-based special purpose acquisition company Gesher I Acquisition Corp. have entered into a definitive merger agreement that will see the portal being listed on the NASDAQ stock exchange.

The combined entity will be known as Freightos and will have a pro forma enterprise value of approximately $435m. Freightos will be listed on the NASDAQ exchange under the ticker symbol “FROS”.

In addition to the proposed merger with Gesher, the combined entity has obtained $80m in capital commitments, said Cayman Island-registered Freightos, which will be used to fund growth plans. 

Global investment firms and strategic industry players that have also made commitments include existing shareholder Qatar Airways, which has agreed to invest another $10m in the combined company.

M&G Investments has made a $60m commitment to the company, and Composite Analysis Group, Inc., an affiliate of Safer Logistics, LLC, committed up to $10m to backstop redemptions by shareholders of Gesher.

Existing shareholders in Freightos include SGX Group (the Singapore Exchange Limited); FedEx Corporation; a number of major airlines, including Qatar Airways, IAG Cargo and LATAM Airlines Group; Bob Mylod, chairman of Booking Holdings; and financial investors such as Aleph and MoreVC.

These existing shareholders are expected to own up to 78% of the combined company after funding.

Zvi Schreiber, chief executive of the Freightos Group, said: “Our combination with Gesher and access to public markets will allow Freightos to continue to aggressively scale our platform and lead as an international freight booking and payment tool of choice.”

Ezra Gardner, Gesher’s chief executive, added: “Following the combination, Freightos will be the only pure-play public global freight platform investment opportunity available, and we’re excited to partner with Zvi and his team on this enormous market opportunity.”

The Freightos management team will remain in place with Schreiber continuing to serve as chief executive, overseeing the Company’s strategic growth and expansion efforts, and Ran Shalev remaining as chief financial officer.

The board of directors of the Company is expected to include Udo Lange, the chief executive of FedEx Logistics, Guillaume Halleux, the chief cargo officer of Qatar Airways, Bob Mylod, chairman of Booking Holdings, Inna Kuznetsova, and other leading tech investors, as well as Gardner.

On having airlines as board members: “Strict internal screens are in place to avoid directors associated with logistics companies being exposed to any data relating to their competitors,” the company insisted.

Freightos connects international freight stakeholders, including hundreds of airlines, ocean liners, and trucking companies, as well as thousands of freight forwarders and over ten thousand importers and exporters, through a transparent digital platform that allows real-time global freight rate comparison, booking, and shipment management.

The proposed transaction has been unanimously approved by the boards of directors of Gesher and Freightos.

The transaction is expected to close in the second half of 2022, subject to customary closing conditions, including the approval of Gesher and Freightos shareholders and regulatory review.


Booking platform WebCargo develops payment service

Forwarders soon to offer real-time pricing to shippers through WebCargo

Freightos launches carbon calculator

Share this story

Related Topics

Latest airfreight digitisation news

Five firms scoop a prize at IATA’s latest cargo hackathon

Five teams were awarded prizes for their cargo solutions developed at the latest IATA Hackathon hosted by Qatar Cargo. The…

Read More

Share this story

DB Schenker continues to roll out API connections with airlines

DB Schenker is continuing to add direct Application Programming Interface (API) connections with airlines’ booking systems. This week, the forwarder…

Read More

Share this story

CCS UK trials digital collection note at Heathrow

Software firm CCS-UK is trialling a new e-collection note that it hopes will replace the paper version that is currently…

Read More

Share this story

Rebecca Jeffrey

Rebecca Jeffrey
New to aviation journalism, I joined Air Cargo News in late 2021 as deputy editor. I previously worked for Mercator Media’s six maritime sector magazines as a reporter, heading up news for Port Strategy. Prior to this, I was editor for Recruitment International (now TALiNT International). Contact me on: [email protected]