. GrubHub instead sold to European food delivery service JustEatTakeaway in early June.
Uber is banking on food delivery to help sustain its business during the coronavirus pandemic, as demand for ride-sharing has plunged. In its, Uber said gross bookings revenue for its rides segment was down 80% in April from a year earlier, while gross bookings revenue in eats was up more than 50% during the period.
Postmates has had success in specific urban areas Los Angeles and Miami but has struggled to compete nationally against DoorDash, GrubHub and Uber Eats. Even with Postmates, Uber will still trail DoorDash in food delivery market share, according to Edison Trends. That should help with U.S. regulators, who may have pushed back on an Uber-GrubHub tie-up but could be more likely to accept an Uber-Postmates deal.
Postmates had reportedly filed confidentially for an IPO in February 2019, but delayed its offering later that year amid deteriorating market conditions and tough competition, according toPostmates had also been considering restarting the IPO process, as well as an offer from a special purpose acquisition company — essentially a shell company that exists solely to take another company public, CNBC
Wow!! They've lost all sense of decency
Has a grocery delivery company ever made money?
This is why i follow you CNBC just this
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Uber, Postmates agree on $2.65 billion all-stock deal: Bloomberg NewsRide-sharing company Uber Technologies Inc has agreed on a deal to buy food-delivery app Postmates Inc in a $2.65 billion all-stock agreement, Bloomberg News reported https://bloom.bg/2Z0TVcd late Sunday, citing people familiar with the matter. I seriously dont care Congrats naval 🙏🏼 That means more and more fees
Source: Reuters - 🏆 2. / 97 Read more »
Uber and Postmates reportedly agree on a $2.65 billion all-stock dealRide-sharing company Uber Technologies has agreed on a deal to buy food-delivery app Postmates in a $2.65 billion all-stock agreement, Bloomberg News reported late Sunday, citing people familiar with the matter. Maybe they can pay trump and his buddies to deliver our mail without stealing our mail-in-ballots. Just say’n for a whole country. Also read: “Decade-old unprofitable company purchases another unprofitable company with equity in its unprofitable company because they don’t have cash”
Source: CNBC - 🏆 12. / 72 Read more »
Uber Agrees To Buy Postmates For $2.65 Billion - ReportsI am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night reporter at the Guardian. I studied Social Anthropology at the London School of Economics, where I was a writer and editor for one of the university’s global affairs magazines, the London Globalist. That led me to Goldsmiths, University of London, where I completed my M.A. in Journalism. Got a story? Get in touch at isabel.togohforbes.com, or follow me on Twitter bissieness. I look forward to hearing from you. I know what I’m buying in the aye emmmmmm Yeap... I now work from home. I gained 20 pounds. EVERYTHING I think I know comes from the idiot box. FASCINATING.
Source: Forbes - 🏆 394. / 53 Read more »
Uber to buy Postmates for $2.65 billion: reportsUber Technologies Inc. has agreed to purchase food-delivery service Postmates for around $2.65 billion, according to media reports Sunday night. Bloomberg News and the New York Times both reported the deal, which is expected to be formally announced as soon as Monday. Postmates would be absorbed into the Uber Eats service, with Uber Eats chief Pierre-Dimitri Gore-Coty running the combined company, the reports said. Reports of a pending deal first surfaced last week, after Uber failed in a bid earlier this year to acquire rival food-delivery company GrubHub. Yes please consolidate all the negative profit companies. How much profit they hv a year now...? Is this good or bad for Uber stock?
Source: MarketWatch - 🏆 3. / 97 Read more »