Speed Reads

acquisitions

Uber is reportedly buying Postmates

Uber Technologies has agreed to acquire restaurant delivery service Postmates in a $2.65 billion all-stock deal, Bloomberg reported Monday, citing people familiar with the matter. The takeover is expected to be announced as soon as Monday morning, according to Bloomberg. Uber Eats head Pierre-Dimitri Gore-Coty is expected to run the combined business, although Postmates CEO Bastian Lehmann will continue to manage Postmates as a separate service, one Bloomberg source said. The acquisition will help Uber compete with DoorDash, the leader of the food deliver market in the United States. Postmates will give Uber Eats a stronger position in Los Angeles and the Southwest. Uber and Postmates had discussed a deal on and off for four years, but the talks picked up after Uber's failed bid for GrubHub.