UPDATE: Uber moves to acquire rival food-delivery service Postmates: report
Uber Technologies Inc. (UBER) has made a bid to take over rival food-delivery company Postmates, the New York Times reported (https://www.nytimes.com/2020/06/29/technology/uber-postmates-buy-offer.html) Monday night. Talks were reported to be ongoing, but a deal could come soon, the Times said. The Times did not state a price, but separately, Dow Jones Newswires reported the deal was worth around $2.6 billion. An acquisition would be a consolation prize of sorts for Uber, which failed to buy (http://www.marketwatch.com/story/grubhubs-acquisition-by-just-eat-takeawaycom-creates-global-restaurant-delivery-giant-2020-06-10) GrubHub earlier this year. Postmates is the fourth-largest (http://www.marketwatch.com/articles/uber-lost-out-on-grubhub-but-here-are-other-potential-acquisition-targets-51592246170) U.S. company in the food-delivery business, and is particularly strong in the Los Angeles and Miami markets.
-Mike Murphy; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 29, 2020 23:22 ET (03:22 GMT)
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