How much did Uber pay to acquire Postmates in 2020?

Uber paid $2.65 billion to acquire Postmates in 2020.

Uber announced the all-stock deal in July 2020, as the COVID-19 pandemic was rapidly increasing demand for restaurant and convenience delivery. The acquisition strengthened Uber Eats in the United States and gave Uber access to Postmates’ customers, merchants, and delivery infrastructure.

Postmates had been founded in 2011 by Bastian Lehmann, Sam Street, and Sean Plaice. Its service allowed users to order meals, groceries, and other local goods through a courier network. Rather than immediately eliminating the consumer-facing brand, Uber integrated much of the company’s operations into Uber Eats while allowing Postmates to continue as a recognizable service.

The deal is often confused with Uber’s other food-delivery transactions or with the much larger valuations associated with major ride-hailing companies. The $2.65 billion figure refers specifically to Uber’s acquisition of Postmates, and the transaction formally closed in December 2020.