Uber Technologies is expanding its Uber Eats brand. The New York Post reports that the ride-share company is buying Postmates Inc. in a $2.65 billion all-stock agreement. The outlet adds that the deal is currently being approved, and an official announcement could be made some time today.
With this new venture, Uber Eats will continue to run the combined delivery business.
Postmates, founded in 2011, accounted for eight percent of the U.S. meal delivery market in May, according to the outlet. They add that the brand was last valued at $2.4 billion.
They also reveal that Uber was also planning to acquire Grubhub at one point but walked away from the deal. Just Eat Takeaway.com eventually purchased the delivery company for $7.3 billion.