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Uber to Buy Postmates for $2.65 Billion to Expand Delivery

July 6, 2020

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Uber Technologies Inc. agreed to buy Postmates Inc. for $2.65 billion to expand in food delivery after the coronavirus pandemic cratered demand for ride-hailing, its main business, and an earlier attempt to acquire Grubhub foundered.

The all-stock deal is a modest outcome for Postmates, once a pioneer of the gig economy that was outmaneuvered by deep-pocketed competitors. It had been valued at $2.4 billion in an investment last year, a person with knowledge of the matter said at the time.

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