June 3, 2023

Business Newspaper

Business New

U.S. Justice Section clears Uber-Postmates offer: Axios

FILE Picture: The Uber logo is displayed on a cellular cellphone in this image illustration taken November 25, 2019. REUTERS/Hannah McKay/Illustration

(Reuters) – The U.S. Justice Section has cleared Uber Systems Inc’s acquisition of foods shipping and delivery firm Postmates, news web site Axios documented little bit.ly/35dWmv7 on Monday, citing a source acquainted with the subject.

Uber declared in July that it would get Postmates for $2.65 billion in an all-stock offer after its bid to receive rival Grubhub Inc fell apart more than regulatory and other problems.

The trip-hailing business disclosed in a regulatory submitting in September that the Justice Division was also scrutinizing its prepare to get Postmates around antitrust problems.

The agency’s go set the deal on keep right up until both corporations complied with the government’s request for extra particulars to acquire an acceptance.

The deal would assist Uber in expanding its food stuff shipping and delivery market share and noticeably improve the small business of supplying each day items at a time when the COVID-19 pandemic has pummeled its core journey-hailing services.

The Justice Section, Uber and Postmates did not right away react to Reuters’ requests for comment.

Reporting by Bhargav Acharya and Kanishka Singh in Bengaluru Modifying by Anil D’Silva