REUTERS: Uber Technologies Inc said on Monday it would buy Postmates Inc in a US$2.65 billion deal, looking to expand its reach into the food-delivery market as the coronavirus crisis upends its core ride-hailing business.
Uber, which has been under pressure as ride-hailing services across the globe plummets because of lockdowns, offered a premium of about 10per cent on Postmates' last valuation of US$2.4 billion. Uber's shares were up 4.5per cent in early trading. After close, the deal is expected to generate about US$200 million synergies in two years, Khosrowshahi said on a conference call, adding that the transaction should be profitable for Uber.Uber currently estimates that it will issue about 84 million shares of common stock for 100per cent of the fully diluted equity of Postmates, the company said in a statement.
Postmates operates in 4,200 U.S. cities and delivers a host of products like sushi, coffee or a pair of jeans from restaurants and stores to customers' doorstep. One of the many taglines reads -"Have chips but no guac? Postmate it."
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