Uber, Postmates agree on $2.65 bln all-stock deal - report

has been badly affected by the coronavirus pandemic and has been looking to boost its growing food delivery service Uber Eats.SAN FRANCISCO - Ride-sharing company Uber Technologies Inc has agreed on a deal to buy food-delivery app Postmates Inc in a $2.

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, when it raised $225 million in a private fundraising round last September.

Founded in 2011, San Francisco-based Postmates accounted for 8% of the US meal delivery market in May, according to analytics firm Second Measure. Uber had plans to also acquire Grubhub Inc through its Uber Eats business, but walked away from the deal as Just Eat Takeaway.com NV eventually reached a $7.3 billion agreement last month to buy the US.online food delivery company.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

F1 drivers to show support for fight against racismThe Grand Prix Drivers' Association said drivers held several virtual meetings to agree how best to show collective support against racism at the Austrian Grand Prix. | IOLsport
Source: IOL - 🏆 46. / 51 Read more »

PETER ATTARD MONTALTO: The risks of being naked in the jaws of the hippoDeclaring a cabinet subcommittee has agreed to reach a primary balance means nothing without the decisions to get there
Source: BDliveSA - 🏆 12. / 63 Read more »

SA Lockdown: Matric exams planned to begin in NovemberThe minister said the Department has agreed to move the National Senior Certificate exams from the usual starting date in October to 9 November.
Source: eNCA - 🏆 49. / 51 Read more »

PETER ATTARD MONTALTO: The risks of being naked in the jaws of the hippoDeclaring a cabinet subcommittee has agreed to reach a primary balance means nothing without the decisions to get there
Source: BDliveSA - 🏆 12. / 63 Read more »

Nigerian doctors face onslaught from security forces during Covid-19 battleDoctors report that incidents of extortion, beatings and arbitrary detention have rocketed
Source: BDliveSA - 🏆 12. / 63 Read more »

SA Covid-19 deaths increase by 173, 71 of those were in GautengThe recovery rate is 47,5% with a total number of recoveries reported at 93,315.
Source: TheCitizen_News - 🏆 6. / 75 Read more »