Uber to buy Postmates in $2.65 billion food delivery stock deal - Business Insider

"This is an aggressive move by Uber to take out a competitor on the Uber Eats front and further consolidate its market position, especially as the COVID-19 pandemic continues to shift more of a focus to deliveries vs. ride-sharing in the near-term," Dan Ives, an analyst at Wedbush Securities, said in a note to clients about the deal, which is expected to close in the first quarter of 2021, pending approval from US regulatory agencies and Postmates shareholders.

On a conference call Monday morning, Uber said its eats business is now profitable on an EBITDA basis, an adjusted financial metric, in many markets. The combined businesses will be able to significantly cut costs, Khosrowshahi said, helping Uber reach overall profitability — something its worked towards for years, but never achieved. Postmates will remain a separate consumer app, and Uber declined to share any detail's on the company's finances.

Uber specifically cited a strong userbase of young people and millennials on Postmates that it will gain as part of the deal. "Over the past eight years we have been focused on a single mission: enable anyone to have anything delivered to them on-demand," Postmates Co-Founder and CEO, Bastian Lehmann, said in the press release.

"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."Axel Springer, Insider Inc.'s parent company, is an investor in Uber.

Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please emailfrom Business Insider Intelligence on how COVID-19 is affecting industries.LoadingBy clicking ‘Sign up’, you agree to receive marketing emails from Business Insider as well as other partner offers and accept our

YaBugginMeng I could use a few billions

Arent they 20% owned by MBS/Saudi Arabia?

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Uber and Postmates reportedly agree on a $2.65 billion all-stock dealRide-sharing company Uber Technologies has agreed on a deal to buy food-delivery app Postmates in a $2.65 billion all-stock agreement, Bloomberg News reported late Sunday, citing people familiar with the matter. Maybe they can pay trump and his buddies to deliver our mail without stealing our mail-in-ballots. Just say’n for a whole country. Also read: “Decade-old unprofitable company purchases another unprofitable company with equity in its unprofitable company because they don’t have cash”
Source: CNBC - 🏆 12. / 72 Read more »

Uber, Postmates agree on $2.65 billion all-stock deal: Bloomberg NewsRide-sharing company Uber Technologies Inc has agreed on a deal to buy food-delivery app Postmates Inc in a $2.65 billion all-stock agreement, Bloomberg News reported https://bloom.bg/2Z0TVcd late Sunday, citing people familiar with the matter. I seriously dont care Congrats naval 🙏🏼 That means more and more fees
Source: Reuters - 🏆 2. / 97 Read more »

Uber to acquire Postmates in $2.6 billion deal: Reports - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Looking for Business card, Logo, Banner, flyer? Order me or contact me for your design.. death for postmates Uber is that disruptive mirror example of everything wrong with the market
Source: BusinessInsider - 🏆 729. / 51 Read more »

Uber to buy Postmates for $2.65 billion: reportsUber Technologies Inc. has agreed to purchase food-delivery service Postmates for around $2.65 billion, according to media reports Sunday night. Bloomberg News and the New York Times both reported the deal, which is expected to be formally announced as soon as Monday. Postmates would be absorbed into the Uber Eats service, with Uber Eats chief Pierre-Dimitri Gore-Coty running the combined company, the reports said. Reports of a pending deal first surfaced last week, after Uber failed in a bid earlier this year to acquire rival food-delivery company GrubHub. Yes please consolidate all the negative profit companies. How much profit they hv a year now...? Is this good or bad for Uber stock?
Source: MarketWatch - 🏆 3. / 97 Read more »