Uber Technologies Inc. is in discussions to buy Postmates Inc. for about $2.6 billion, according to people familiar with the matter, the latest in a rapid-fire series of moves to consolidate the food-delivery industry. Postmates, which has held discussions with other possible buyers since at least last year, has been simultaneously planning an initial public offering. The company has raised roughly $906 million and was valued at around $2.4 billion in 2019, according to PitchBook. The New York Times earlier reported on the discussions between Uber and Postmates. Even with millions of Americans stuck at home and ordering more meals in, food-delivery companies are losing money on orders or barely breaking even.

Source: Wall Street Journal June 30, 2020 03:27 UTC