Uber has announced a deal to acquire Postmates for $2.65 billion that is expected to complete in Q1 2021. Uber strategy is to run the Postmates app separate from its Uber Eats app and keep both brands operating.
The acquisition announcement follows quickly after Uber’s failed deal with Grubhub, enabling Just Eat to make the $7.3 billion acquisition announced last month.
Postmates has delivered 67% growth in gross bookings year-on-year through more than 115,000 partner restaurants and circa 10 million customers. Customer segments that are particularly strong for Postmates include high spending millennials.
With delivery services remaining robust throughout the Covid-19 hospitality crisis it will be interesting to see if acquisitions of this scale do pay off for acquirers.
One Postmates investor is the Brooklyn Nets basketball player Kevin Durant who invested $1 million and is now set to receive $15 million if the deal completes.hospitality face masks for hospitality people