Uber has made a big Postmates order: Postmates!
In a deal worth $2.7 billion, the acquisition is final. Uber is now in full control of Postmates. This sale was announced in September.
By purchasing Postmates, Uber increases their share of the food delivery business to 37%. Doordash still has a 47% share of the marketplace. According to Uber, Postmates will continue to operate under their own brand but have access to “a more efficient, combined merchant and delivery network” as Uber Eats.
The timing is great for the company as many states begin to look at more stay-at-home orders and shutting down restaurants.
Uber’s shares were up by 2.9% after the announcement was made to $51.11.