An Uber Eats deliverer rides his scooter in a street in Lausanne amid the COVID-19 outbreak. AFP
Uber has agreed to buy food delivery app Postmates in a multibillion dollar deal, according to Bloomberg.
The San Francisco-based rideshare giant has been badly affected by the coronavirus pandemic -- cutting a quarter of its global workforce in May -- and has been looking to boost its growing food delivery service Uber Eats.
Bloomberg reported an expected $2.65 billion deal with start-up Postmates will be announced on Monday morning in the US, citing people familiar with the matter.
The deal would bolster Uber and help Postmates, a nine-year-old firm that has struggled against larger food delivery rivals, the New York Times has previously reported.
Banks to tighten norms for Singapore commodity sector
UAEs property sector growing despite challenges of pandemic
Black businesses see increased sales amid racial reckoning
A $6 billion Uber offer this year to acquire Grubhub -- another US food delivery app -- fell through. Grubhub was later bought by European competitor Just Eat Takeaway.
Uber said in its quarterly update earlier this year that it lost nearly $3 billion and its rides business was down some 80 percent in April.
The company noted however, that it was seeing strong revenue growth for its Eats food delivery operation.
Neither Uber nor Postmates have commented on the potential deal.
A consortium of investors filed the resolution for the upcoming Tesco annual general meeting amid concern over the growing impact of the deadly coronavirus pandemic on obese people.
The CNN website included the article headlined ‘Uber suffers another blow as it loses McDonald’s delivery monopoly in the UK’. The specifics of the matter are irrelevant,
French supermarket retailer Carrefour and Uber Eats said they would launch a new delivery service aimed at helping Parisians buy essential goods and food during the nationwide lockdown triggered by the coronavirus crisis.
The non-cash payments in the UAE alone are expected to account for 73 per cent of the total transaction volume by the end of 2023, according to a recent report.
Helsinki: Housing prices in Finland are expected to have the biggest drop this year since 1993, according to a housing market review conducted by Hypo, a credit institution specialising in the sector.
Iraq on Saturday presented an ambitious plan to turn itself into a regional transportation hub by developing its road and rail infrastructure, linking Europe with the Middle East.