Uber (NYSE: UBER) has announced that it has agreed to buy on-demand alcohol marketplace Drizly. The $1.1 billion-agreement is a combination of stock and cash, with Uber noting that it anticipated more than 90% of the payment to Drizly shareholders will be in the form of Uber stock. The announcement noted that the company expects the deal to close within the first half of 2021 and will result in Drizly becoming a wholly owned subsidiary of the technology company, which provides ridesharing, food- and package-delivery, freight-transportation and e-bike rental services. Uber stock rallied in premarket trading after the Drizly agreement was announced; the company’s stock has increased more than 50% over the past three months. “Wherever you want to go and whatever you need to get, our goal at Uber is to make people’s lives a little bit easier,” said Uber CEO Dara Khosrowshahi in the announcement. “That’s why we’ve been branching into new categories like groceries, prescriptions and, now, alcohol.”
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About Uber Technologies Inc.
Uber’s mission is to ignite opportunity by setting the world in motion. The company revolutionized personal mobility with ridesharing, and it is leveraging its platform to redefine the massive meal delivery and logistics industries. Uber is a technology platform that uses a global network, leading technology, operational excellence and product expertise to power movement from point A to point B. The company develops and operates proprietary technology applications supporting a variety of offerings on its platform. Uber connects consumers with providers of ride services, restaurants and food-delivery services, public-transportation networks, e-bikes, e-scooters and other personal mobility options. The company uses this same network, technology, operational excellence and product expertise to connect shippers with carriers in the freight industry. Uber is developing technologies to provide autonomous driving vehicle solutions to consumers, networks of vertical take-off and landing vehicles and new solutions to solve everyday problems. For more information about the company, please visit www.Uber.com.
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