Uber is upping its delivery game with the acquisition of rival delivery service Postmates in a $2.65 billion all-stock deal.
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In a statement released Monday, Uber said it currently estimates that it will issue approximately 84 million shares of common stock for 100 percent of the fully diluted equity of Postmates.
While the transaction is subject to regulatory approval, the boards of directors of both companies have approved the transaction, and stockholders representing a majority of Postmates’ outstanding shares have committed to support the transaction.
The deal is expected to officially close in Q1 2021. Uber and Postmates are both based in San Francisco.