Uber Is Buying Postmates For $2.65 Billion: Report
Uber Technologies is expanding its Uber Eats brand. The New York Post reports that the ride-share company is buying Postmates Inc. in a $2.65 billion all-stock agreement. The outlet adds that the deal is currently being approved, and an official announcement could be made some time today.
With this new venture, Uber Eats will continue to run the combined delivery business.
Postmates, founded in 2011, accounted for eight percent of the U.S. meal delivery market in May, according to the outlet. They add that the brand was last valued at $2.4 billion.
They also reveal that Uber was also planning to acquire Grubhub at one point but walked away from the deal. Just Eat Takeaway.com eventually purchased the delivery company for $7.3 billion.
Sign me up for the 96.5 BOB FM email newsletter!
BOB knows music, and now you can too! We'll send you the latest music news and information, plus all the great events going on locally with the BOB Squad.
By clicking "Subscribe" I agree to the website's terms of Service and Privacy Policy. I understand I can unsubscribe at any time.