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Uber to Buy Postmates for $2.6 Billion

According to reports Uber has agreed to buy Postmates for 2.6 billion. However, Postmates will keep their name.

Many speculate the decisions to acquire Postmates was caused by the ride-sharing sector of their business struggling to be profitable amid this global pandemic. Uber has laid off approximately 14 percent of their employees amid the pandemic and had a first quarter loss of $2.9 billion.

The food-delivery sector of their business, Uber Eats, has reportedly grown as people have been staying home and ordering out in accordance with many states' stay-at-home orders.

Uber’s CEO Dara Khosrowshahi is “confident” that the merger will bring profitability in 2021.

This merger announcement came just a day before Uber officially launched its grocery delivery service in Latin America and Canada, the U.S. launch is supposed to follow. Delivery will be available via the Uber and Uber Eats apps.

The new service is made possible by Uber acquiring Chilean online grocery provider, Cornershop, for its Latin America Market and partnering with Walmart Inc. and Metro Inc. for its Canadian Market.

©2019 by URBAN NEWS