Global-e Online Ltd.: Passport acquisition amplifies logistics differentiation

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Global-e Online Ltd.: Passport acquisition amplifies logistics differentiation

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Global-e Online Ltd.

Passport acquisition amplifies logistics

differentiation

Reiterate Rating: BUY | PO: 40.00 USD | Price: 29.82 USD

Acquisition fortifies Global-e logistics offering 26 May 2026

Global-e announced it entered into a definitive agreement to acquire cross-border Equity

logistics company Passport. The deal is for $350mn upfront and will be funded by 50%

Matt Bullock

cash and 50% stock, with $75mn of additional consideration based on earn-out targets Research Analyst

(representing 4.3x CY26E revenue including earn-outs). Global-e’s acquisition of Passport BofAS +1 646 556 2903

is intended to strengthen its logistics capabilities by adding an asset-light, multi-carrier matthew.bullock2@bofa.com

network that enhances cross-border, domestic, and last-mile delivery offerings.

Passport’s logistics offering is supported by relationships with hundreds of third-party

logistics providers (3PL), brokers, and last-mile delivery services which would be very Stock Data

challenging to replicate, in our view. We believe the acquisition reinforces Global‑e’s

unique software-plus-logistics value proposition, which is hard for pure software vendors Price 29.82 USD

to replicate and supports a premium take rate. We reiterate our Buy rating and $40 PO. Price Objective 40.00 USD

Date Established 13-May-2026

Passport expected to generate $100mn in 2026 revs Investment Opinion C-1-9

Passport, which has a customer base of 1,100 mid-market brands mainly in the US, will 52-Week Range 26.85 USD - 41.94 USD

continue to operate as a standalone business unit. According to Global-e, Passport is Mrkt Val (mn) / Shares Out 5,189 USD / 174.0