- Title: Uber to buy Postmates in $2.65 bln stock deal, expands food-delivery reach
- Date: 6th July 2020
- Summary: WASHINGTON, D.C., UNITED STATES (FILE - JUNE 11, 2019) (REUTERS) KHOSROWSHAHI SPEAKING AT EVENT ABOUT UBER HELICOPTER PROGRAM PITTSBURGH, PENNSYLVANIA, UNITED STATES (FILE - SEPTEMBER 13, 2016) (REUTERS)) UBER CAR WITH AUTONOMOUS DRIVING TECHNOLOGY DRIVING VARIOUS OF UBER VEHICLES WITH AUTONOMOUS DRIVING TECHNOLOGY LINED UP STEERING WHEEL OPERATING AUTONOMOUSLY IN AN UBER VEHICLE ENGINEER MONITORING UBER VEHICLE AS IT DRIVES AUTONOMOUSLY
- 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: LVA005CLOAN9J
- 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) - Copyright Holder: FILE REUTERS (CAN SELL)
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