Uber and Postmates reportedly agree on a $2.65 billion all-stock deal.
The deal has been approved by Uber's board and could be announced as soon as Monday, Bloomberg reported, adding that Pierre-Dimitri Gore-Coty, head of Uber's food delivery business, Uber Eats, is expected to continue to run the combined delivery business.Last week, Reuters reported that Postmates had revived plans for an initial public offering following dealmaking in the U.S. online food delivery service sector that sparked acquisition interest in the company.
Postmates was last valued at $2.4 billion, when it raised $225 million in a private fundraising round last September. Founded in 2011, San Francisco-based Postmates accounted for 8% of the U.S. meal delivery market in May, according to analytics firm Second Measure.through its Uber Eats business, but walked away from the deal as Just Eat Takeaway.com eventually reached a $7.3 billion agreement last month to buy the U.S. online food delivery company.
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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 to buy Postmates for $2.65 billion: reportsUber Technologies Inc. has agreed to purchase food-delivery service Postmates for around $2.65 billion, according to media reports Sunday night. Bloomberg News and the New York Times both reported the deal, which is expected to be formally announced as soon as Monday. Postmates would be absorbed into the Uber Eats service, with Uber Eats chief Pierre-Dimitri Gore-Coty running the combined company, the reports said. Reports of a pending deal first surfaced last week, after Uber failed in a bid earlier this year to acquire rival food-delivery company GrubHub.
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Uber to acquire Postmates in $2.6 billion deal: Reports - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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Uber Agrees To Buy Postmates For $2.65 Billion - ReportsI am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night reporter at the Guardian. I studied Social Anthropology at the London School of Economics, where I was a writer and editor for one of the university’s global affairs magazines, the London Globalist. That led me to Goldsmiths, University of London, where I completed my M.A. in Journalism. Got a story? Get in touch at isabel.togohforbes.com, or follow me on Twitter bissieness. I look forward to hearing from you.
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