Uber Acquires Postmates for 2.65 Billion

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Say hello to a wider range of food selection from Uber Eats and Postmates. Uber announced on Monday that the company obtained Postmates for $2.65 billion in an all-stock transaction. This major purchase will allow Uber to become the second-largest restaurant delivery service followed by Door Dash.

“Uber and Postmates have long shared a belief that platforms like ours can power much more than just food delivery—they can be a hugely important part of local commerce and communities, all the more important during crises like COVID-19,” Uber CEO Dara Khosrowshahi said in a statement. “We’re thrilled to welcome Postmates to the Uber family as we innovate together to deliver better experiences for consumers, delivery people, and merchants across the country.”

Food delivery services has helped Uber maintain their company during the pandemic, while Uber rides have plummeted. In April, Uber rides were down 80% from last year compared to eats up 50% more during the period.

“Over the past eight years we have been focused on a single mission: enable anyone to have anything delivered to them on-demand. Joining forces with Uber will continue that mission as we continue to build Postmates while creating an even stronger platform that brings this mission to life for our customers,” Bastian Lehmann, Postmates co-founder and CEO added in a statement.

Uber and Postmates will continue to run as separate apps, but the merge will allow customers to view an expanded selection of restaurants and merchants from both companies.

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