UPDATED: Uber To Acquire Postmates for $2.65 Billion

This post has been updated on July 8th. Keep reading for the latest info.

Uber has agreed to acquire delivery company Postmates for $2.65 billion and the agreement is expected to be shared with the public today (July 6th), according to Bloomberg. 

Most of the businesses that provide travel and transportation services have been affected negatively due to the Coronavirus Pandemic. 

According to Uber’s last earnings report, the company’s ride-hailing gross bookings were on a downward trend in the first quarter of 2020. However, its food-delivery service Uber-Eats was up 54%.

As previous reports show, Uber also made an offer to acquire Gruphub, US-based online food delivery company, in the beginning of this year. However, the companies didn’t come to an agreement and Gruphub was later acquired by Just Eat Takeway for $7.3 billion in June 2020.

According to Bloomberg, Uber and Postmates have been in talks for almost for 4 years and the negotiations got much serious last week.

Some people that are familiar with the matter told Bloomberg that the announcement is expected to be announced today. 

July 8th Update: Uber Announces The Acquirement

“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. As more people and more restaurants have come to use our services, Q2 bookings on Uber Eats are up more than 100% year on year. 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.”

Uber CEO Dara Khosrowshahi
Source: TechCrunch

“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. Uber and Postmates have been strong allies working together to advocate and create the best practices across our industry, especially for our couriers. Together we can ensure that as our industry continues to grow, it will do so for the benefit of everyone in the communities we serve,”

Postmates Co-founder and CEO Bastian Lehmann