Uber Confirms Acquisition Of Postmates In $2.65B All-Stock Deal
“Uber and Postmates have long shared a belief that platforms like ours can power much more than just food delivery—they can be a hugely important part of local commerce and communities, all the more important during crises like COVID-19. ”
Uber has reached a definitive agreement to acquire Postmates for $2.65B in an all-stock deal. The offer was finalized when first reported the week of June 29.
🍽 Beat out by Just Eat Takeaway to acquire GrubHub ($7.3B deal).
🍽 Compliments geographic coverage and target demographics.
🍽 Postmates brings strong network of small to mid-size restaurants + businesses, includes item deliveries.
🍽 Will offer more tools and technology to more easily and cost-effectively connect with a bigger consumer base.
While acquisitions of competitors reduces pressure and feeds growth, Uber/Postmates still have stiff competition against DoorDash and Grubhub which are strong alternatives for consumers.
Last quarter, the Uber Eats business grew 52% which has balanced out for a decline in ridership and was a major factor in expanding the food delivery side.