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Uber Technologies to buy Postmates for $2.65 billion

Anticipated deal comes after Uber merger with GrubHub fell through

Bret Thorn, Senior Food Editor

July 6, 2020

2 Min Read
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Uber Technologies Inc. has agreed to buy Postmates for approximately $2.65 billion in stock, the two companies said Monday.

The deal, for which Uber estimates it will issue around 84 million shares of common stock, will allow Uber to combine its Uber Eats service with Postmates’ delivery service in a major consolidation of the third-party delivery business in the United States.

Following the merger, the two delivery apps will continue to function, but with a combined network of restaurants and delivery people, they companies said.

The deal was expected after negotiations between Uber and meal-delivery company GrubHub broke down.

Uber and Postmates said the merger would leverage Uber Eats’ “differentiated geographic focus areas and customer demographics” and Postmates’ relationships with smaller chains and local favorites.

They also said Postmates’ “delivery-as-a-service” approach complements Uber’s own efforts in delivering items such as groceries and other goods.

“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,” Uber CEO Dara Khosrowshahi said in the release announcing the merger.

Related:New Uber Eats coronavirus safety protocols emphasize accountability of restaurants, consumers, drivers

Khosrowshahi said that second-quarter bookings via Uber Eats more than doubled year-over-year during the second quarter.

Postmates Co-Founder and CEO Bastian Lehmann said the merger would help Postmates achieve its mission to “enable anyone to have anything delivered to them on-demand.

“Uber and Postmates have been strong allies working together to advocate and create the best practices across our industry, especially for our couriers,” Lehmann said. “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.”

Contact Bret Thorn at [email protected] 

Follow him on Twitter: @foodwriterdiary

About the Author

Bret Thorn

Senior Food Editor, Nation's Restaurant News

Senior Food & Beverage Editor

Bret Thorn is senior food & beverage editor for Nation’s Restaurant News and Restaurant Hospitality for Informa’s Restaurants and Food Group, with responsibility for spotting and reporting on food and beverage trends across the country for both publications as well as guiding overall F&B coverage. 

He is the host of a podcast, In the Kitchen with Bret Thorn, which features interviews with chefs, food & beverage authorities and other experts in foodservice operations.

From 2005 to 2008 he also wrote the Kitchen Dish column for The New York Sun, covering restaurant openings and chefs’ career moves in New York City.

He joined Nation’s Restaurant News in 1999 after spending about five years in Thailand, where he wrote articles about business, banking and finance as well as restaurant reviews and food columns for Manager magazine and Asia Times newspaper. He joined Restaurant Hospitality’s staff in 2016 while retaining his position at NRN. 

A magna cum laude graduate of Tufts University in Medford, Mass., with a bachelor’s degree in history, and a member of Phi Beta Kappa, Thorn also studied traditional French cooking at Le Cordon Bleu Ecole de Cuisine in Paris. He spent his junior year of college in China, studying Chinese language, history and culture for a semester each at Nanjing University and Beijing University. While in Beijing, he also worked for ABC News during the protests and ultimate crackdown in and around Tiananmen Square in 1989.

Thorn’s monthly column in Nation’s Restaurant News won the 2006 Jesse H. Neal National Business Journalism Award for best staff-written editorial or opinion column.

He served as president of the International Foodservice Editorial Council, or IFEC, in 2005.

Thorn wrote the entry on comfort food in the Oxford Encyclopedia of Food and Drink in America, 2nd edition, published in 2012. He also wrote a history of plated desserts for the Oxford Companion to Sugar and Sweets, published in 2015.

He was inducted into the Disciples d’Escoffier in 2014.

A Colorado native originally from Denver, Thorn lives in Brooklyn, N.Y.

Bret Thorn’s areas of expertise include food and beverage trends in restaurants, French cuisine, the cuisines of Asia in general and Thailand in particular, restaurant operations and service trends. 

Bret Thorn’s Experience: 

Nation’s Restaurant News, food & beverage editor, 1999-Present
New York Sun, columnist, 2005-2008 
Asia Times, sub editor, 1995-1997
Manager magazine, senior editor and restaurant critic, 1992-1997
ABC News, runner, May-July, 1989

Education:
Tufts University, BA in history, 1990
Peking University, studied Chinese language, spring, 1989
Nanjing University, studied Chinese language and culture, fall, 1988 
Le Cordon Bleu Ecole de Cuisine, Cértificat Elémentaire, 1986

Email: [email protected]

Social Media:
LinkedIn: https://www.linkedin.com/in/bret-thorn-468b663/
Facebook: https://www.facebook.com/bret.thorn.52
Twitter: @foodwriterdiary
Instagram: @foodwriterdiary

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