Postmate’s $2.65 Billion stock deal has been approved by Uber Technologies. The board of directors of Uber Technologies. Approved a $2.65 billion deal of delivery service competitor. Postmate’s in an all-store transaction. Scheduled to be revealed in the U.S. as early as Monday morning, as per source familiar with the matter.
As per the sources, Uber ‘s head of food supply, Pierre-Dimitri Gore-Coty, is expected to continue running Uber combined delivery.
Since around four years Uber and Postmate’s had been having negotiations. But talks were picking up approximately a week ago. The deal is in line with Uber’s failure to buy publicly traded GrubHub Inc. Which was acquired for $7.3 billion from Europe’s Just Eat Takeaway.
The agreement with Postmate’s Inc will allow Uber. To gain momentum against DoorDash, the pioneer in the US food chain, which is private owned. Although Postmate’s did not keep up with DoorDash. Dominant positions was developed in Los Angeles. As well as the American Southwest. Each of which might be beneficial for Uber Eats.
Postmate’s was founded in 2011. And was one of the first to let U.S. customers. Order meal delivery using a mobile app. In recent years, however, competition has stepped up and Postmate’s has begun to fall to a distant fourth.
Also in February 2019 , the company reported. That it had confidentially submitted documentation for an initial public offer. But that it was never available. In a transaction worth 2.4 billion dollars, private money was raised last year.
