Uber to snap up takeaway app Postmates in all-stock deal
Monday, 6 July 2020 Uber Technologies Inc (NYSE:UBER) has agreed to buy food delivery app Postmates Inc in an all-stock deal worth around US$2.65bn. According to a Bloomberg report, Uber’s leadership have approved the deal and that Postmates will be integrated into the company’s existing food delivery arm, Uber Eats. READ: Just Eat Takeaway agrees $7.3bn takeover of Grubhub to enter US market Based in San Francisco, Postmates offers local delivery of restaurant-prepared meals and other goods to around 2,940 US cities and was valued at around US$2.4bn in a fundraising in September 2019. The deal followed Uber’s failure to acquired fellow US takeaway rival GrubHub Inc (NYSE:GRUB), which was scoffed in June by Just Eat Takeaway.com NV (LON:JET) in an all-share deal valued at US$7.3bn.
Uber Purchases Postmates for $2.65 Billion The deal to combine the two services was announced on Monday. Under the all-stock deal, Postmates will be combined into Uber's Uber Eats platform. The combination of the services means that Uber will now rule 37 percent of the food delivery service market....
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