Uber to purchase Postmates for $2.65 billion

By: Miguel A. Rodriguez

09:45, 14 September 2020

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Uber swallows Postmates in try for delivery supremacy

The pandemic drove online services through the roof as far as the online deliveries and orders are concerned. Two of the front runners of this business, Uber and Just Eat Takeaway.com, went head over heels in a race to purchase Grubhub.

The winner was Just Eat Takeaway.com, who acquired Grubhub for $7.3 billion. The deal will be sealed in the first quarter of 2021, and by this, the largest delivery company in the world will emerge. Together, the companies will have 70 million users worldwide.

Once Grughub was out of reach, Uber focused on purchasing the food-delivery service Postmates. The deal will cost the first $2.65 billion, a little more than the latter’s valuation - $2.4 billion. After the agreement, Postmates will be absorbed into the Uber Eats service.

Once the deals are closed, the “delivery war” would be between Uber Eats/ Postmates vs. Grubhub/Takeaway vs. DoorDash. 

According to the latest financial report from Uber, its ride-hailing service dropped due to the pandemic, but it managed to have a 54% growth in sales due to its food delivery service.  

During today's pre-market session, the stock price from Uber gained more than 5%. Just Eat Takeaway is currently trading higher by more than 0.50%. Grubhub is higher by more than 2.50% in pre-market trading.

Read more about the latest acquisitions on CAPEX.com!

Sources: techcrunch.com, marketwatch.com


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