Uber Takes on Food Delivery Company Postmates
Uber Technologies, the company behind taxi app Uber and meal delivery company Uber Eats, has acquired American Postmates.
For the industry in the field of meal delivery, Uber is worth nearly $ 2.7 billion. The deal is fully settled in shares.
Earlier, Postmates thought about an IPO. The company registered its stock market plans early last year but did not take the step anyway.
The deal overtakes UberEats rival Grubhub in the U.S. market, but the new company won’t grow as big as market leader DoorDash.
The acquisition is expected to close in the first quarter of next year.
The boards of both companies support the transaction, and shareholders who account for a majority of the Postmates shares have also pledged their support.