News

Uber to Buy Postmates for $2.65 Billion in Stock

Tuesday, July 7, 2020

Uber Technologies Inc. said its $2.65 billion deal for rival Postmates Inc. will help it better compete in restaurant delivery and the market for delivering groceries and other staples, a signal of the ride-hailing company’s ambitions to provide a wider range of items to consumer doorsteps.

With its all-stock purchase of Postmates, Uber would become the second-largest restaurant delivery service in the U.S. by market share, following DoorDash Inc., according to research firm Edison Trends. Grubhub Inc. ranks third.

Read more at The Wall Street Journal.