Uber has agreed to acquire rival delivery firm Postmates for $2.65 billion just weeks after its planned takeover of Grubhub fell through.
Postmates, one of the first companies to roll out rapid meal delivery via an app, has now been acquired in an all-stock takeover Uber, according to Bloomberg.
The deal is expected to be announced this morning after around four years of on-and-off negotiations and will see Postmate’s chief executive Bastian Lehmann will maintain his roll and run it as a separate company.
The move will help both companies maintain a foothold in the increasingly competitive online delivery market, which has seen unprecedented consolidation over the last few months.
Uber Eats had made a bid to takeover Grubhub in May, but the newly consolidated Just Eat Takeaway “moved swiftly” to pen a deal instead, creating the world’s largest food delivery company outside of China.
This came just weeks after Just Eat and Takeaway.com’s £6 billion merger was approved by competition authorities in the UK, the newly combined entity has penned another landmark consolidation deal.
Meanwhile rival Deliveroo has also joined forces with Amazon which is set to take a 16 per cent stake in the company if given the green light by regulators.
The extreme rise in consolidation in the market has largely been driven by the sharp rise in home delivery requirements during lockdown, seeing struggling retailers and restaurants turn to companies to expand their delivery capabilities rapidly without having to invest in new staff.