• Home
  • Apps
  • Apps News
  • Uber Agrees to Buy Postmates in $2.65 Billion All Stock Deal: Report

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

Postmates was last valued at $2.4 billion, when it raised $225 million in a private fundraising round last September.

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

had plans to also acquire Grubhub through its Uber Eats business

Highlights
  • Uber has agreed to buy Postmates in a $2.65 billion agreement
  • The deal could be announced as early as Monday
  • Postmate accounted for 8 percent of the US meal delivery market in May
Advertisement

Ride-sharing company Uber Technologies has agreed on a deal to buy food-delivery app Postmates in a $2.65 billion (roughly Rs. 19,741 crores) all-stock agreement, Bloomberg News reported late Sunday, citing people familiar with the matter.

The 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.

Uber and Postmates did not immediately respond to a Reuters request for comment.

Last week, Reuters reported that Postmates had revived plans for an initial public offering following dealmaking in the US online food delivery service sector that sparked acquisition interest in the company.

Postmates was last valued at $2.4 billion (roughly Rs. 17,890 crores), when it raised $225 million (roughly Rs. 1,677 crores) in a private fundraising round last September.

Founded in 2011, San Francisco-based Postmates accounted for 8 percent of the US meal delivery market in May, according to analytics firm Second Measure.

Uber had plans to also acquire Grubhub through its Uber Eats business, but walked away from the deal as Just Eat Takeaway.com eventually reached a $7.3 billion (roughly Rs. 54,474 crores) agreement last month to buy the US online food delivery company.

© Thomson Reuters 2020


Why do Indians love Xiaomi TVs so much? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Satellite-Carrying Rocket 'Lost' After New Zealand Launch
Amazon, Google Said to Face Tough Rules Under India's E-Commerce Draft Policy
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »