New York — Uber Technologies agreed to buy Postmates for $2.65bn to expand in food delivery after the coronavirus pandemic cratered demand for ride-hailing, its main business, and an earlier attempt to acquire GrubHub foundered.

The all-stock deal is a modest outcome for Postmates, once a pioneer of the gig economy that was outmanoeuvred by deep-pocketed competitors. It had been valued at $2.4bn in an investment in 2019, a person with knowledge of the matter said at the time...

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