Uber buys Postmates for $2.65B
Jul. 06, 2020 8:15 AM ETUBERBy: Brandy Betz, SA News Editor3 Comments
- Uber (NYSE:UBER) confirms acquiring Postmates (POSTM) for $2.65B in an all-stock transaction. The transaction is expected to close in Q1.
- The company expects to issue 84M shares of common stock for 100% of the fully diluted equity of Postmates.
- Uber says Postmates is "highly complementary to Uber Eats, with differentiated geographic focus areas and customer demographics, and Postmates’ strong relationships with small- and medium-sized restaurants, particularly local favorites that draw customers to the Postmates brand."
- The ride-hail giant also notes that Postmates is an "early pioneer" of delivery-as-a-service, complimenting "Uber’s growing efforts in the delivery of groceries, essentials, and other goods."
- Uber will host a conference call to discuss the deal at 8:30 AM with a webcast here.
- Uber shares are up 8.5% pre-market to $33.30.
- Related: Postmates was reportedly ready to file for an initial public offering this week if the UBER talks fell through.
I know some members of this site use Uber & Postmates for a hustle maybe you can explain how this effects pay rates.
humminbird
Veteran
Still not as a good as grubhub was going to be
Doordash was probably too expensive
Doordash was probably too expensive
humminbird
Veteran
Yeah the market share gives them a small boost
They’re just eliminating competition
They’re just eliminating competition
Yeah the market share gives them a small boost
They’re just eliminating competition
The L.A market itself maybe worth it alone.
Postmates is big in LA..interesting.Yeah the market share gives them a small boost
They’re just eliminating competition
I haven't used Uber Eats in like 2 years. I only use Doordash because I got DashPass or Grubhub for pick ups. Thats it.
ThaEruditious
She luv it over here like Gold Watch.
Getcho money, black man