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..