Uber Technologies has reached a definitive agreement to acquire Postmates in an all-stock transaction valued at approximately $2.65bn.

The acquisition is part of Uber’s strategy to establish the company in the US food-delivery business.

With the acquisition, Uber aims to bring together its global Rides and Eats platform with Postmates delivery business in the US.

Uber CEO Dara Khosrowshahi said: “Uber and Postmates have long shared a belief that platforms like ours can power much more than just food delivery – they can be a hugely important part of local commerce and communities, all the more important during crises like Covid-19.

“As more people and more restaurants have come to use our services, Q2 bookings on Uber Eats are up more than 100% year-on-year.

“We are thrilled to welcome Postmates to the Uber family as we innovate together to deliver better experiences for consumers, delivery people and merchants across the country.”

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Uber said that the acquisition of Postmates would complement its Uber Eats platform with differentiated geographic focus areas and customer demographics.

Postmates has established relationships with small and medium-sized restaurants, which has drawn customers to the Postmates brand.

Postmates co-founder and CEO Bastian Lehmann said: “Over the past eight years we have been focused on a single mission: enable anyone to have anything delivered to them on demand.

“Joining forces with Uber will continue that mission as we continue to build Postmates while creating an even stronger platform that brings this mission to life for our customers.

“Uber and Postmates have been strong allies, working together to advocate and create the best practices across our industry, especially for our couriers. Together, we can ensure that as our industry continues to grow, it will do so for the benefit of everyone in the communities we serve.”

The deal completion is subject to the approval of Postmates stockholders, regulatory approval and other customary closing conditions.

The deal is expected to close in the first quarter of 2021.