Uber to buy Postmates?

Likely to be announced later today, Uber has been reported to have agreed to buy Postmates in a deal worth $2.65 billion.

Uber’s core business of ride hailing has been hit hard by quarantine and lockdown orders around the world. On-demand delivery has however seen a surge, with services like Uber Eats seeing a surge in demand. These are reflected in the company’s latest financial report – Uber Eats saw gross sales growth of 54% in Q1 while ride hailing bookings almost collapsed.

Uber and Postmates have been in talks about a takeover for around four years. Bloomberg however reports that these talks became more intense in the last two weeks.