Uber Eats Postmates for $2.6B, Bolsters Ground Game

Uber is looking to food delivery for rescue from falling revenues caused by people staying at home because of the pandemic. Gross bookings for Uber Rides have decreased by three percent year over year, the company noted in its Q1 2020 financial report. On July 6, Uber announced that it's acquiring on-demand food delivery service PostMates for $2.65 billion. The deal is expected to close in Q1 2021.