Uber has acquired Postmates in a $2.65 billion all-stock deal, expanding its footprint in the fiercely competitive delivery market.
The acquisition enables the ride-hailing giant to increase its delivery offerings at a time when the global pandemic has suppressed customers' desire for rides while boosting home delivery needs.
Postmates delivers a wide array of goods including groceries, pharmacy items, alcoholic drinks and party supplies.
Uber recently 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 nabbed Chicago-based Grubhub in a $7.3 billion deal.