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Uber Wants to Buy Postmates for $2.6 Billion

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Uber Wants to Buy Postmates for $2.6 Billion

Uber has turned its attention to acquiring Postmates after its deal to buy Grubhub fell apart earlier this month. With travel demand still far from normal, Uber is looking for new ways to generate revenue and Uber Eats has provided a boost. And now in an attempt to increase its market share in the delivery services, Uber has made a takeover offer to buy Postmates, according to NYT. Uber’s offer is valued at about $2.6 billion.

Postmates has also received an offer from a special purpose acquisition company as it simultaneously makes plans to go public. A special purpose acquisition company (SPAC) is a company with no commercial operations that acquires private companies for the sole purpose of transitioning them to publicly traded entities. Postmates hasn’t decided yet which path to take, but a decision could come very soon.

Postmates is one of the earliest start-ups to offer a courier service that could deliver almost anything. But Postmates is now lagging behind its competitors and is now the fourth largest U.S. food delivery service by market share. Postmates launched in 2011 and only operates in the United States. It is currently available in more than 4,200 cities in all 50 states and D.C..

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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DDG
DDGhttp://dannydealguru.com
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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At Miles to Memories we share the best tips, tricks and deals plus travel rants, musings, hotel, airline and loyalty program reviews and a lot more! Our goal is to help people save money so they can get out there and travel the world! Through our various blog posts, podcasts & videos we teach others how to maximize loyalty rewards, hotel & airline programs and credit cards to achieve amazing things.

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