Uber said in a news release that the newly combined third-party delivery entity combines the strengths of each platform to create a more powerful player in the highly competitive restaurant delivery market. The deal means Uber's "Rides" and "Eats" platforms join the differentiated geographic areas and customer demographics of Postmates, along with Postmates more localized small- and medium-sized restaurant connections. Uber also views Postmates' involvement in the "delivery-as-a-service" market as an added plus since it complements Uber's efforts in delivering groceries, essentials and other goods.
Following the closing of the transaction, Uber intends to keep the consumer-facing Postmates app running separately, supported by what it said is a more efficient, combined merchant and delivery network. Uber will issue about 84 million shares of common stock for all of the fully diluted equity of Postmates, according to the press release.
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