Plus   Neg

Uber To Acquire Postmates In All-stock Deal Valued At Approx. $2.65 Bln

Uber Technologies, Inc. (UBER) and Postmates Inc. have reached a definitive deal, under which Uber will acquire Postmates for approximately $2.65 billion in an all-stock transaction. Uber currently estimates that it will issue approximately 84 million shares of common stock for 100% of the fully diluted equity of Postmates. The transaction is anticipated to close in first quarter 2021.

Following the closing of the acquisition, Uber intends to keep the consumer-facing Postmates app running separately, supported by a combined merchant and delivery network.

Headquartered in San Francisco, Postmates operates in 4,200 US cities. The Postmates platform gives its customers access to more than 600,000 restaurants and retailers available for delivery and pickup, many of which are exclusive to Postmates.

Shares of Uber Technologies were up 8% in pre-market trade on Monday.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
A new class-action lawsuit filed against Facebook accuses the company's photo and video-sharing app Instagram of illegally collecting biometric data of as many as 100 million users without their consent, according to reports. The lawsuit filed in a state court in California, alleges that Instagram uses its photo-tagging technology to create a database of users' facial features. Stein Mart, Inc. has joined the ever growing list of U.S. retailers who filed for bankruptcy protection amid the ongoing coronavirus (COVID-19) pandemic. The beleaguered off-price retailer filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Middle District of Florida. United Airlines said it is adding up to 28 daily nonstop flights this winter to Florida, in its efforts to manage the impact of COVID-19. The airline is increasing services to 'destinations where customers most want to fly'. The new round trip services will connect customers in Boston, Cleveland, Indianapolis, Milwaukee, New York/LaGuardia, Pittsburgh and Columbus, Ohio to four popular Florida...
Follow RTT