Uber announced Tuesday, February 2, that it is acquiring alcohol-delivery service Drizly for US$1.1 billion in stock and cash, reported CNBC.
Following the completion of the transaction, Drizly’s marketplace will be integrated with the UberEats app. The company will keep the standalone Drizly app as well, it said.
Founded in 2012, Drizly has become the leading on-demand alcohol delivery service in the US and is available in 1,400 cities. The purchase could help drive people to use Uber’s app more often.
Uber Eats has been a key segment to Uber’s business amid the COVID-19 pandemic, which has dramatically reduced the number of people leaving their homes.
“During this time our delivery business has been growing at extraordinary rates,” Uber CEO Dara Khosrowshahi told CNBCon Tuesday. Drizly said it had more than 300% growth in the past year.
The deal is expected to close within the first half of 2021. Uber stated that it anticipates that more than 90% of the consideration to be paid to Drizly shareholders will consist of shares of Uber common stock, and the balance will be paid in cash.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI