REUTERS: Uber 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 10 per cent on Postmates' last valuation of US$2.4 billion. Uber shares were up about 9 per cent in premarket trading. 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.The boards of both companies have approved the transaction, and stockholders representing a majority of Postmates' outstanding shares have committed to support the transaction, it added.
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