Ride-haling major Uber is planning to acquire meal delivery platform Postmates for a whooping sum of $2.65 billion. As per the reports, the deal will be an all-stock deal which will give Uber full control of the firm. Notably, Uber had been making attempts to acquire Chicago-based Grubhub but the deal could not get closed due to some reasons.
Postmates was launched in 2011 by Bastian Lehmann, Sam Street, and Sean Plaice as a platform which helped users in on-demand food delivery. Since it's inception, the company has grown manifolds and is one of the leaders in the country. It has raised over $900 million in capital from the backers like BlackRock, Glynn Capital Management, Tiger Global Management, GPI Capital, Manhattan Venture Partners, G Squared, EquityZen, and others.
Post the deal, Postmates will continue to work independently but it will get combined with the delivery network of Ubereats. As per the reports, both the firms plan to close the deal in the first quarter of 2021.
Interestingly, Postmates had planned to go public in the month of October. However, with COVID-19 wrecking havoc all over the world, it will be interesting to see how the company goes about that plan and if Uber will support that.
Notably, Uber was after Grubhub since the start of the year but failed to come to a closing point. Grubhub was eventually snubbed by Just Eat Takeaway for $7.3 billion. It will be interesting to see how Uber goes about this acquisition as it tries to challenge the market leader Doordash.
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