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Uber to Pay $2.65B to Acquire Postmates

Uber has agreed to acquire delivery service Postmates in a $2.65 billion all-stock deal. The ride-hailing company on Monday said the acquisition, which was reported earlier by Bloomberg, will boost its growing efforts in the delivery of groceries, essentials and other goods.  

“Uber and Postmates have long shared a belief that platforms like ours can power much more than just food delivery,” Uber CEO Dara Khosrowshahi said in a statement. “They can be a hugely important part of local commerce and communities, all the more important during crises like COVID-19.”

With many restaurants’ dining rooms closed during the coronavirus pandemic, people have looked to delivery and pickup services like Postmates, Uber Eats, DoorDash and Grubhub for their meals. A survey by DoorDash in March found that 56% of 1,000 customers said their takeout consumption had increased during shelter-in-place orders. Khosrowshahi said Monday that Uber Eats orders are up more than 100% since the same period last year.

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