JUST IN: Uber is buying Postmates for $2.65B in stock.
. GrubHub instead sold to European food delivery service JustEatTakeaway in early June.
Uber is banking on food delivery to help sustain its business during the coronavirus pandemic, as demand for ride-sharing has plunged. In its, Uber said that gross bookings revenue for its Rides segment was down 80% in April from a year ago, while gross bookings revenue in Eats was up more than 50% during that same period.
Postmates is the fourth-largest U.S. food delivery service by market share and has struggled to compete nationally against DoorDash, GrubHub and Uber Eats. Still, the company has had success in specific urban areas such as Los Angeles and Miami. Postmates had reportedly filed confidentially for an IPO in February 2019, but delayed its offering later that year amid deteriorating market conditions and tough competition, according toPostmates had also been considering re-starting the IPO process, as well as an offer from a special purpose acquisition company — essentially a shell company that exists solely to take another company public,...
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Uber, Postmates agree on $2.65 billion all-stock deal: Bloomberg NewsRide-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.
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Uber and Postmates reportedly agree on a $2.65 billion all-stock dealRide-sharing company Uber Technologies has agreed on a deal to buy food-delivery app Postmates in a $2.65 billion all-stock agreement, Bloomberg News reported late Sunday, citing people familiar with the matter.
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