Uber to Buy Postmates for $2.65 Billion to Expand Delivery (2)

Uber Technologies Inc. agreed to buy Postmates Inc. for $2.65 billion to expand in food delivery after the coronavirus pandemic cratered demand for ride-hailing, its main business, and an earlier attempt to acquire Grubhub foundered.

The all-stock deal is a modest outcome for Postmates, once a pioneer of the gig economy that was outmaneuvered by deep-pocketed competitors. It had been valued at $2.4 billion in an investment last year, a person with knowledge of the matter said at the time.

Uber estimates that it will issue about 84 million shares of common stock for 100% of the fully diluted equity ...