Uber buys Postmates in all-stock $2.65bn deal to expand in food delivery
Uber Eats has been a bright spot for the company as stay-at-home orders and restaurant closures have prompted more customers to order in
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...