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06.07.2020

Uber to acquire Postmates for $2.65 billion

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Postmates would be absorbed into the Uber Eats service

Stocks impacted: Uber Technologies Inc (UBER)

Uber has agreed to acquire the food delivery start-up Postmates for $2.65 billion. Postmates would be absorbed into the Uber Eats service. Earlier this year, the company failed to acquire rival food-delivery company GrubHub and then shifted its focus to Postmates. Postmates accounted for 8% of the U.S. meal delivery market in May and made up about 10% of food delivery sales in 2019. If the deal goes through, the main competitors in the American food delivery market would be Uber Eats/Postmates versus Grubhub/Takeaway versus DoorDash. Uber stocks gained 0.79% on Friday and could extend gains to start the week.

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