- Title: Uber to buy Postmates in $2.65 bln stock deal, expands food-delivery reach
- Date: 6th July 2020
- Summary: UBER CAR PULLING UP TO CURB INSIDE OF UBER CAR
- Embargoed: 20th July 2020 14:46
- Keywords: Dara Khosrowshahi Postmates Uber Technologies deal food delivery internet ordering
- Location: NEW YORK, NEW YORK, + WASHINGTON, D.C., PITTSBURGH, PENNSYLVANIA, LOS ANGELES, CALIFORNIA, UNITED STATES, UNKNOWN LOCATIONS, INTERNET
- City: NEW YORK, NEW YORK, + WASHINGTON, D.C., PITTSBURGH, PENNSYLVANIA, LOS ANGELES, CALIFORNIA, UNITED STATES, UNKNOWN LOCATIONS, INTERNET
- Country: USA
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA009CLOAN9J
- Aspect Ratio: 16:9
- Story Text: Uber Technologies said on Monday (July 6) it would buy Postmates in a $2.65 billion deal, looking to expand its reach into the food-delivery market as the coronavirus crisis upends its core ride-hailing business.
The move is just weeks after Uber walked away from a deal to buy Grubhub, which would have given Uber's money-losing restaurant delivery service a leg up on market leader DoorDash.
U.S. online food delivery company Grubhub agreed to be acquired in June by Just Eat Takeaway.com in a $7.3 billion deal.
Uber, which has been under pressure as ride-hailing services across the globe plummets because of lockdowns, offered a premium of about 10% on Postmates' last valuation of $2.4 billion. Uber shares were up about 9% in premarket trading.
(Production: Aleksandra Michalska)
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