Uber to buy Postmates to extend delivery footprint in the US

A Postmates sticker is displayed next to an Uber Eats sticker on the window of a restaurant in San Francisco, California. Uber announced plans to buy Postmates for US$2.65bil in an all-stock deal. — AFP

WASHINGTON: Uber said July 6 it was buying delivery startup Postmates for US$2.65bil (RM11.33bil) in stock, in a move shaking up the sector which has seen surging growth during the coronavirus pandemic.

The acquisition steps up the effort by the ridesharing giant to diversify its business to meet growing delivery demands after failing to win a battle for US meal delivery giant Grubhub.