SAN FRANCISCO, California — Uber has reportedly agreed to buy Postmates in an all-stock deal worth $2.65 billion according to Bloomberg.
In 2019, Postmates the popular food delivery service, raised $225 million at a valuation of $2.4 billion. The agreement comes after Uber pulled back from its bid to takeover GrubHub following scrutiny from antitrust authorities.
Under the terms of the agreement, Uber Eats will continue to be run by Vice President Pierre-Dimitri Gore-Coty, while Postmates will run as a separate service, still led by CEO Bastian Lehmann and his team.
The deal provides Uber Eats’ with a position in the U.S. food delivery market, which is currently dominated by DoorDash which holds 45% of U.S food delivery sales.