The ride-hailing app Uber, which also operates as a food delivery company UberEats will acquire Postmates for $2.65 billion (approx €2.34 billion) in an all-stock transaction, after all the struggle to buy out Grubhub tanked previously.
Plans to close deal in Q1 2021
This acquisition could boost Uber’s delivery business and help compensate the company’s core ride-hailing business, which has plummeted due to the COVID-19 pandemic. Notably, the San-Francisco-based company reported $2.9 billion (approx €2.6 billion) loss in the first quarter of 2020. The company is planning to close the deal in Q1 2021. Post the acquisition, Postmates app will continue to run separately but with a more efficient, combined merchant, and delivery network.