Uber bags Postmates for USD2.65 billion
Uber Technologies remains bullish on the food delivery market as its passenger ride business continues to struggle.
Uber has agreed to buy major rival Postmates Inc for $2.65 billion in an all-stock deal to expand its food delivery footprint further across the US.
"Postmates is highly complementary to Uber Eats, with differentiated geographic focus areas and customer demographics, and Postmates’ strong relationships with small- and medium-sized restaurants," Uber said.
Postmates co-founder Bastian Lehmann will stay on to help manage the business while Uber’s food-delivery chief Pierre-Dimitri Gore-Coty wuill oversee the combined business.
Uber plans to keep the Postmates app as a separate business which will be supported by a more effecient combined merchant and delivery network.
Uber recently had its eye on GrubHub, but a multi-billion dollar deal fell through.
Postmates has a 8% market share of food delivery in the US, accounting for about five million deliveries a month, based on pre-Covid-19 data.
Since the pandemic Uber Eats has seen revenue surge by more than 50%.
Like Uber, Postmates is San Francisco based.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Singapore to forbid entry to undesirable travelers with new no-boarding directive
Euromonitor International unveils world’s top 100 city destinations for 2025
U.S.A. and Israel attacks on Iran impact air movements in the Gulf (Update 1.00pm CET)
Global tourism exceeds 1.5 billion travelers announces UN-Tourism