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. Harold Maass
"Ring's home security products and services have delighted customers since day one," an Amazon spokesperson told Reuters. "We're excited to work with this talented team and help them in their mission to keep homes safe and secure." If this deal goes through, Ring will be Amazon's second-largest acquisition, behind the almost $14 billion purchase of Whole Foods last year. Ring has raised more than $200 million in funding, and Richard Branson is one of its investors. Catherine Garcia
Despite speculation of an overseas move, The Walgreen Company announced Wednesday that it would acquire the rest of British pharmacy chain Alliance Boots — but that it will keep its corporate headquarters in the United States. The Walgreen Company's iconic chain of Walgreens stores is the largest drug retailer chain in America.
The Walgreen Company will pay $5.27 billion in cash in addition to shares to acquire the last portion of Alliance Boots that it did not already own. And while many had pinpointed Walgreens as ripe to take advantage of "tax inversion" and angle for a move overseas, the company announced that it would instead remain based in the Chicago area. According to The New York Times, this is because The Walgreen Company would have had to negotiate a new agreement with Alliance Boots in order to execute an inversion deal, and Alliance Boots was unwilling to do so.
Instead, Walgreens can continue to market itself as America's drugstore — and avoid some of the flack that fleeing for lower taxes might have elicited from the public. In a news release, the company touted its "unique role as an iconic American consumer retail company" and said it "concluded it was not in the best long-term interest of our shareholders to attempt to re-domicile outside the U.S." Kimberly Alters