Uber buys Postmates in $2.65 billion all-stock deal
Uber finally got its food delivery company, acquiring Postmates in a $2.65 billion all-stock deal, the ride-hailing giant has confirmed.
The deal helps Uber and its Ubereats food-delivery division pick up some ground against industry leader DoorDash, which controls about 37% of the U.S. food delivery market. That’s compared with Uber Eats’ 20% share before the Postmates deal. Grubhub holds around 30%.
Last month, Uber lost out in a bid for Grubhub, which would have made it the dominant U.S. food-delivery service. But Amsterdam-based Just Eat Takeaway.com ended up nabbing Chicago-based Grubhub in a $7.3 billion deal.
(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)