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Uber Agrees to Buy Postmates in $2.65-Billion All-Stock Deal: Report

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  • This deal will help to skyrocket the Uber Eats’ position in the United States food delivery market, which is currently dominated by the Doordash.
  • The agreement just took place after Uber retreated its bid to take GrubHub.
  • GrubHub has merged with Just Eat Takeaway in the previous month. Just Eat Takeaway is Europe’s largest food delivery group.
  • The conversation between Uber and Postmates was in progress for years but last week they finalized the deal, said, Bloomberg.

Uber failed to merge with GrubHub but now the ride-sharing giant is all set to acquire food delivery service Postmates in a $2.65 Billion all-stock deal that could be announced early on Monday revealed Bloomberg.

According to Bloomberg, the deal has been approved by Uber’s board and the head of Uber’s food delivery business, Uber Eats, Pierre-Dimitri Gore-Coty, is looking to run the combined delivery business.

Uber and Postmates didn’t quickly react to a Reuters demand for input.

A week ago, Reuters announced that Postmates had restored plans for a first sale of stock after dealmaking in the US online food conveyance administration area that started procurement enthusiasm for the organization.

Postmates was last esteemed at $2.4 billion (generally Rs. 17,890 crores), when it raised $225 million (generally Rs. 1,677 crores) in private gathering pledges round last September.

Established in 2011, San Francisco-based Postmates represented 8 percent of the US feast conveyance advertise in May, as indicated by examination firm Second Measure.

Uber had plans to likewise procure Grubhub through its Uber Eats business, yet left the arrangement as Just Eat Takeaway.com inevitably arrived at a $7.3 billion (generally Rs. 54,474 crores) understanding a month ago to purchase the US online food conveyance organization.

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