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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.

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