Continue Reading Below
Uber Technologies is buying Postmates in an all-stock deal, according to Bloomberg.
Uber's board of directors has reportedly approved the acquisition, with an official announcement expected Monday.
Uber had previously tried to acquire GrubHub Inc., but was beaten out by Europe’s Just Eat Takeaway for $7.3 billion.
Representatives for Uber and Postmates declined to comment to Bloomberg.
|UBER||UBER TECHNOLOGIES INC.||30.84||-0.37||-1.19%|
DoorDash is the market leader in U.S. food delivery.
FOX Business reported last week that, while fielding offers, Postmates was also planning to file paperwork for an initial public offering.