Uber and Postmates agree on $2.65bn all-stock deal

Uber's Chief Executive Dara Khosrowshahi on Monday told analysts the tie-up would allow Uber Eats to distinguish itself by delivering not only restaurant food but also groceries and personal care and fashion items

Uber to acquire Postmates in $2.65B deal: Report

Uber Technologies on Monday offered to buy Postmates in a $2.65 billion (roughly Rs. 19,741 crores) all-stock deal, looking to expand its reach in the food-delivery services arena while more people order at home due to coronavirus-led restrictions.

Postmates pioneered food delivery in 2011, but is a distant fourth in the U.S. market to DoorDash, GrubHub and Uber's own Eats services.

Postmates was last valued at $2.4 billion, when it raised $225 million in a private fundraising round last September. Postmates chief executive Bastian Lehmann will stay on to manage Postmates as a separate service, it was reported.

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Uber and its Uber Eats food-delivery division will gain ground against DoorDash, which controls about 37% of the USA food delivery market.

Representatives for Uber and Postmates declined to comment.

Bloomberg reported talks between the two parties had been "on and off" for around four years but moved forward within the last week after a new approach from Uber.

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Last month, Uber lost out in a bid for Grubhub, which would have made it the dominant USA food-delivery service.

It was reported that Uber's board has already approved the deal for Postmates.

Founded in 2011, Postmates was one of the first to let customers in the USA order meal delivery using a mobile app. The company said in February 2019 that it had filed paperwork confidentially for an initial public offering but never went public. Previous year the company raised capital at a valuation of $2.4 billion.

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