Uber is buying Postmates in a $2.65 billion all-stock deal, as the company sees falling demand for rides. With the acquisition, UberEats will represent 37% of food delivery services in the U.S.
Food delivery has been a bright spot for Uber during the coronavirus pandemic, as people stuck at home are ordering out more.Food delivery has been a bright spot for Uber during the coronavirus pandemic, as people stuck at home are ordering out more.Uber is buying the delivery app Postmates, bolstering its food-delivery business at a time when few people are hailing rides.
plunged 75% in the second quarter from a year ago, CEO Dara Khosrowshahi told Wall Street analysts in a conference call on Monday discussing the deal.In contrast, orders for its Uber Eats food delivery service doubled during the same three-month period. While Uber Eats is already the second-largest food delivery service in the US, according to data from Edison Trends, Postmates has a strong hold in major Western markets, including Los Angeles, Phoenix and Las Vegas. Combined, Uber Eats and Postmates will have a 37% market shareLoading...
Khosrowshahi said Uber is looking to capitalize on surging demand for delivery of all kinds, noting that Postmates has pushed into delivering items such as alcohol, groceries and pharmacy items.But the deal will not stop Uber, which continues to report large losses, from bleeding cash. It and rival food-delivery apps spend a lot on discounts to attract customers.
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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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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 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, 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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