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Uber To Acquire Postmates in $2.65B Stock Deal

said Monday it reached an agreement with to acquire the on-demand delivery company for about $2.65 billion in an all-stock transaction.

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The deal will marry Uber’s Rides and Eats platform with Postmates’ U.S. delivery business, which Uber called “highly complementary to Uber Eats.�

Uber estimates it will issue about 84 million shares of common stock for 100 percent of the fully diluted equity of Postmates, the company said in a . Uber said it plans to keep the Postmates app running separately, “supported by a more efficient, combined merchant and delivery network.�

The announcement comes after both San Francisco-based companies had been in the news recently: Uber was seeking another acquisition deal after its June attempt . Instead, Just Eat Takeaway.com . Meanwhile, Postmates was eyeing another go at an , while also courting Uber.

On Monday, Uber’s ride bookings revenue was down 80 percent in April from a year earlier, while its food delivery business sales were up 54 percent during the same period.

Speaking about the acquisition, Postmates co-founder and CEO said in a written statement: “Over the past eight years we have been focused on a single mission: enable anyone to have anything delivered to them on-demand. 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.�

Postmates has raised a total of in venture-backed funds since its inception in 2011, according to ÍÃ×ÓÏÈÉú´«Ã½ data. It’s last venture raise was a in January 2019, led by , and . Uber has raised a total of since it was founded in 2009. The company went public in 2019.

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