<![CDATA[DOJ reportedly approves Uber’s $2.7 billion acquisition of Postmates]]> https://usagag.com/2020/11/10/doj-reportedly-approves-uber-8217-s-2-7-billion-acquisition-of-postmates/ Tue, 10 Nov 2020 11:15:54 +0000 hourly 1 https://usagag.com DOJ reportedly approves Uber’s $2.7 billion acquisition of Postmates The Justice Department reportedly has approved Uber’s acquisition of food-delivery app Postmates following months of scrutiny over antitrust concerns.

The deal has been on hold since it was announced in July as both companies complied with the government’s request for more details to receive an approval for the $2.65 billion tie-up, but will now be able to move forward, Axios reports.

Folding in Postmates to its already strong delivery business — fueled largely by Uber Eats, which recently added grocery deliveries to its growing list of offerings — will increase Uber’s stake in the US delivery market by 8 percent.

Uber’s delivery ambitions have taken on greater importance this year, as pandemic-related lockdowns have pummeled its ride-hail business while boosting demand for food delivery.

The rideshare giant began putting together an offer for Postmates, which was last valued at $2.4 billion, soon after its proposed $6 billion tie-up with Grubhub fell apart under regulatory scrutiny. Chicago-based Grubhub ended up getting bought by Dutch delivery firm Just Eat Takeaway in a $7.3 billion deal.

Representatives for Uber and the DOJ did not immediately respond to a request for comment.

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