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Uber to snap up takeaway app Postmates in all-stock deal

Based in San Francisco, Postmates offers local delivery of meals and other goods to around 2,940 US cities

Uber Technologies Inc - Uber to snap up takeaway app Postmates in all-stock deal

Uber Technologies Inc (NYSE:UBER) has agreed to buy food delivery app Postmates Inc in an all-stock deal worth around US$2.65bn.

According to a Bloomberg report, Uber’s leadership have approved the deal and that Postmates will be integrated into the company’s existing food delivery arm, Uber Eats.

READ: Just Eat Takeaway agrees $7.3bn takeover of Grubhub to enter US market

Based in San Francisco, Postmates offers local delivery of restaurant-prepared meals and other goods to around 2,940 US cities and was valued at around US$2.4bn in a fundraising in September 2019.  

The deal followed Uber’s failure to acquired fellow US takeaway rival GrubHub Inc (NYSE:GRUB), which was scoffed in June by Just Eat Takeaway.com NV (LON:JET) in an all-share deal valued at US$7.3bn.

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NYSE:UBER
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