Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Uber Offers To Acquire Grubhub, Creating Food-Delivery Giant

Courtesy of ZeroHedge View original post here.

In a deal that would combine the two biggest meal-delivery players in the US at a time when the corona pandemic has sparked a surge in demand for their services, Uber – which in addition to its flagship ride business operates a big meal-delivery unit known as Uber Eats – has made an offer to acquire Grubhub, Bloomberg and the WSJ reported.

According to the report, the companies – which have been engaged in talks since earlier this year- could reach an agreement as soon as this month, although deliberations are still ongoing and talks could still fall through. Should a deal be struck, it would reshape the meal-delivery business, a key pillar of the new economy whose prominence has been heightened by the pandemic.

Shares of both companies surged in response, with Grubhub shares spiking as much as 37% after being temporarily halted, valuing the company at $5.6 billion, while $57 billion Uber, which last week reported earnings that showed little cash flow improvement in its own Uber Eats unit despite a surge in revenue, rose as much as 4.1%.

As a reminder, last week Uber said it was shuttering its own food-delivery unit, Uber Eats. Those markets represented 1% of Uber Eats gross bookings and 4% of the company's EBITDA.


 


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!