Uber to acquire Postmates for $2.65 billion

Uber announced this week that is has acquired food delivery service Postmates in an all-stock deal worth $2.65 billion. Uber began its venture into the world of online food delivery in 2014 with the launch of Uber Eats, becoming the second-largest food delivery service in the US. Together, the two companies will now have 37% of the market share in the US. Uber had previously tried and failed to acquire another competitor, GrubHub. Due to Covid-19 lockdown measures, Uber saw a sharp decline in its ride-hailing business, but saw a big boost in order through Uber Eats.