The board of directors at Uber Technologies Inc (NYSE: UBER) has reportedly approved a $2.65 billion acquisition of food delivery company Postmates in an all-stock deal. The deal is expected to be officially announced on Monday morning in the U.S.
Uber’s head of food delivery Pierre-Dimitri Gore-Coty will likely continue to run Uber’s combined delivery business, according to Bloomberg’s sources. Uber was recently reportedly interested in buying GrubHub last month, but they were outbid by Just Eat Takeaway.
The current market leader in food delivery is DoorDash. DoorDash was last valued at about $12.6 billion following a $600 million round of funding.