Uber buys Postmates in $2.65 billion all-stock deal

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Uber (Photo: MGN Online)

SILVER SPRING, MD (AP) — Uber finally got its food delivery company, acquiring Postmates in a $2.65 billion all-stock deal, the ride-hailing giant has confirmed.

The deal helps Uber and its Ubereats food-delivery division pick up some ground against industry leader DoorDash, which controls about 37% of the U.S. food delivery market.

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That’s compared with Uber Eats’ 20% share before the Postmates deal. Grubhub holds around 30%.

Last month, Uber lost out in a bid for Grubhub, which would have made it the dominant U.S. food-delivery service. But Amsterdam-based Just Eat Takeaway.com ended up nabbing Chicago-based Grubhub in a $7.3 billion deal.