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Uber buys Postmates, ups delivery game in $2.65 billion deal

Uber buys Postmates in $2.65 billion all-stock deal
Posted at 5:16 AM, Jul 09, 2020
and last updated 2020-07-09 08:16:11-04

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 nabbed Chicago-based Grubhub in a $7.3 billion deal.