Uber Technologies Inc. Monday offered to buy Postmates Inc. in a $2.65 billion (TL 18.2 billion) all-stock deal, looking to expand its reach in the food-delivery services arena given that ordering from home has increased due to coronavirus-led restrictions.
Uber, under pressure as its core ride-hailing business reels from lockdowns across the globe, offered a premium of about 10% on Postmates' last valuation of $2.4 billion. Postmates in September raised $225 million in a private fundraising round.
Uber currently estimates that it will issue about 84 million shares of common stock for 100% 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.
Postmates operates in 4,200 U.S. cities, delivering food and other products from restaurants and stores to customers' doorstep. One of the many taglines reads: "Have chips but no guac? Postmate it."
Founded in 2011, San Francisco-based Postmates accounted for 8% of the U.S. meal delivery market in May, with its biggest rival DoorDash leading with a 44% market share, according to analytics firm Second Measure.
The move comes only weeks after Uber abandoned its plan to buy Grubhub Inc. through its Uber Eats business. The U.S. online food delivery company was acquired in June by Just Eat Takeaway.com NV in a $7.3 billion deal.
Please click to read our informative text prepared pursuant to the Law on the Protection of Personal Data No. 6698 and to get information about the cookies used on our website in accordance with the relevant legislation.
6698 sayılı Kişisel Verilerin Korunması Kanunu uyarınca hazırlanmış aydınlatma metnimizi okumak ve sitemizde ilgili mevzuata uygun olarak kullanılan çerezlerle ilgili bilgi almak için lütfen tıklayınız.
