Uber is reportedly buying Postmates for $2.65 billion

Uber is reportedly acquiring food delivery start-up Postmates for $2.65 billion, with official confirmation of the all-stock buyout expected as soon as Monday.

The news was reported Sunday by Bloomberg and The New York Times, both of which cited anonymous sources with knowledge of the deal. Uber Eats' vice president Pierre-Dimitri Gore-Coty is expected to take charge after Postmates is absorbed by its former competitor. It isn't clear what role Postmates CEO and co-founder Bastian Lehmann will have, if any at all.

Launched in 2011, Postmates is active in over 4,200 U.S. cities and services over 600,000 restaurants. According to Second Measure, the company took eight percent of all food delivery sales in the U.S. during May, trailing behind DoorDash at 45 percent, GrubHub at 23 percent, and Uber Eats at 22 percent. Assimilating Postmates will likely give Uber Eats' numbers a notable boost. Read more...

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COntributer : Mashable https://ift.tt/3iCUroW