Ride-sharing company Uber Technologies Inc has agreed on a deal to buy food-delivery app Postmates Inc in a $2.65 billion all-stock agreement, Bloomberg News reported https://bloom.bg/2Z0TVcd late Sunday, citing people familiar with the matter.
FILE PHOTO: An Uber sticker is seen on driver Margaret Bordelon's car in Lafayette, Louisiana, U.S. February 16, 2020. Picture taken February 16, 2020. REUTERS/Callaghan O'Hare/File Photo
- Ride-sharing company Uber Technologies Inc has agreed on a deal to buy food-delivery app Postmates Inc in a $2.65 billion all-stock agreement, Bloomberg News reportedThe deal has been approved by Uber’s board and could be announced as soon as Monday, Bloomberg reported, adding that Pierre-Dimitri Gore-Coty, head of Uber’s food delivery business, Uber Eats, is expected to continue to run the combined delivery business.
Postmates was last valued at $2.4 billion, when it raised $225 million in a private fundraising round last September. Founded in 2011, San Francisco-based Postmates accounted for 8% of the U.S. meal delivery market in May, according to analytics firm Second Measure. Uber had plans to also acquire Grubhub Inc through its Uber Eats business, but walked away from the deal as Just Eat Takeaway.com NV eventually reached a $7.3 billion agreement last month to buy the U.S. online food delivery company.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Top Wall Street analysts are betting on stocks like Tesla and Uber for the third quarterWe used TipRanks analyst ranking service to pinpoint Wall Street's best-performing analysts.
Read more »
Top Wall Street analysts are betting on stocks like Tesla and Uber for the third quarterWe used TipRanks analyst ranking service to pinpoint Wall Street's best-performing analysts.
Read more »
Warren Buffett's Berkshire buys Dominion Energy natural gas assets in $10 billion dealIt's the first major purchase from Berkshire since the coronavirus pandemic and subsequent market collapse in March.
Read more »