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Uber to buy Postmates in Rs 19, 741 crore all-stock deal

Postmates was last valued at $2.4 billion (roughly Rs. 17,890 crores), when it raised $225 million (roughly Rs. 1,677 crores) in a private fundraising round last September

twitter-logoReuters | July 6, 2020 | Updated 13:31 IST
Uber to buy Postmates in Rs 19, 741 crore all-stock deal

Ride-sharing company Uber Technologies has agreed on a deal to buy food-delivery app Postmates in a $2.65 billion (roughly Rs. 19,741 crores) all-stock agreement, Bloomberg News reported late Sunday, citing people familiar with the matter. The deal has been approved by Uber's board and could be announced as soon as Monday, Bloomberg reported, adding that Pierre-Dimitri Gore-Coty, head of Uber's food delivery business, Uber Eats, is expected to continue to run the combined delivery business.

Uber and Postmates did not immediately respond to a Reuters request for comment. Last week, Reuters reported that Postmates had revived plans for an initial public offering following dealmaking in the US online food delivery service sector that sparked acquisition interest in the company.

Postmates was last valued at $2.4 billion (roughly Rs. 17,890 crores), when it raised $225 million (roughly Rs. 1,677 crores) in a private fundraising round last September. Founded in 2011, San Francisco-based Postmates accounted for 8 percent of the US meal delivery market in May, according to analytics firm Second Measure.

Uber had plans to also acquire Grubhub through its Uber Eats business, but walked away from the deal as Just Eat Takeaway.com eventually reached a $7.3 billion (roughly Rs. 54,474 crores) agreement last month to buy the US online food delivery company.

Also read: Virgin Australia bondholders seek approval to lay out alternative sale proposal

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