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Uber announced the acquisition of Postmates yesterday (7/6/20) for $2.65bn in stock (4.9% dilution), creating a 3-player US Food Delivery mkt with DoorDash (45% share), Uber (35%, incl Postmates), and GRUB (17%). The price was only 10% higher than Postmates’ 2019 valuation, in the context of several goods delivery names up 50%+. Given Postmates size, we think there were limited options and Uber was able to capitalize.
News outlets reported Tuesday morning that Uber is in talks to acquire Postmates for $2.6bn. Shares rose almost 5% on the day. Postmates is the #4 food delivery player in the US with about 7% share. A merger would create a very tight 3-player US Food Delivery market with Doordash at 45% share, Uber at 35%, and GRUB at 17%.
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