World News – United States – Uber splits on completion of Postmates acquisition

Uber (UBER) – Get Report stocks rose Tuesday after the hail and grocery supplier completed its grocery acquisition. Postmates delivery service.

The companies will « continue to innovate and provide better and better products and services to merchants, deliverers and consumers across the country, » said Dara Khosrowshahi, chief executive of Uber, in a statement.

Uber said Postmates would add $ 350 million to $ 400 million in gross bookings for deliveries and increase adjusted earnings before interest, taxes, depreciation and amortization by $ 7 million to $ 12 million for the quarter ended December. 31.

« I am confident that in addition to Uber Eats, we will create even more opportunities for our customers, continue to grow our retailers and offer unique income opportunities, » said Bastian Lehmann, Co-Founder and CEO of Postmates.

Uber said it will also launch a regional listening exercise for merchants across the country next year as the company begins bringing Uber Eats and Postmates together.

« The aim is to use the Uber Eats and Postmates platforms to bring our tour closer to the incredibly diverse spectrum of retailers, » said Stephane Ficaja, Head of Uber Eats U.. . S.. . and Canada, said in a company blog post.

The combined company aims to « better listen, understand and respond to the challenges and opportunities of our partners, » he wrote.

The deal fits into Uber’s diversification strategy: ridesharing is falling amid the coronavirus pandemic, while consumers stuck at home due to lockdowns have increased orders at restaurants that offer takeout meals.

Vidhi Choudhary recently graduated from Columbia University with a degree in business journalism. Vidhi reports on the latest business news for TheStreet.

Postmates, Uber Eats, DoorDash