Ride-sharing company Uber Technologies Inc. (NYSE:UBER)has agreed on a deal to buy food-delivery app Postmates Inc. in a $2.65-billion U.S. all-stock agreement.
The deal has been approved by Uber’s Board of Directors. Pierre-Dimitri Gore-Coty, head of Uber Eats, will continue to run the combined delivery business.
Last week, Postmates announced that it had revived plans for an initial public offering (IPO) following deal making in the U.S. online food delivery service sector that sparked acquisition interest in the company. Postmates was last valued at $2.4 billion U.S., when it raised $225 million U.S. in a private fundraising round in September 2019.
Founded in 2011, San Francisco-based Postmates accounted for 8% of the U.S. meal delivery market in May of this year, according to analytics firm Second Measure.
Uber had planned to acquire Grubhub through its Uber Eats business but walked away from the deal as Just Eat Takeaway.com NV eventually reached a $7.3 billion U.S. agreement last month to buy the U.S. online food delivery company.
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