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Saitama Rakuten Reports Postmates Acquisition by Uber in Deal Valued at USD 2.65bn
Tuesday 07 July 2020

Japanese wealth management company Saitama Rakuten International has reported Uber Technologies Inc. has agreed to buy Postmates Inc. for USD 2.65bn in an all-stock transaction, the company said.

The acquisition will help Uber gain ground against privately-held DoorDash Inc., the current US food delivery market leader.

Postmates retains a substantial presence in Los Angeles and the Southwest of America, both of which will be important to Uber Eats.

According to data collected by Saitama Rakuten International, Uber and Postmates have been negotiating on and off for about four years, but the talks intensified about a week ago after Uber approached the latter company.

The deal to acquire Postmates comes on the heels of Uber's unsuccessful attempt to take over publicly traded GrubHub Inc., which was snatched up by Europe's Just Eat NV for USD 7.3bn.

Saitama Rakuten International is a comprehensive wealth management company with assets of more than USD 7.7bn. The company provides a wide array of retail products and services including independent estate and wealth planning, advisory and discretionary portfolio management services and stockbroker solutions.
Date Published: 07/07/2020