Uber Technologies Inc. has made an offer to acquire food-delivery company Grubhub Inc., according to people familiar with the matter
-- Uber Technologies Inc. has made an offer to acquire Grubhub Inc., in a move that would build out its food-delivery platform even as it shutters parts of its own service abroad, according to people familiar with the matter.
Deliberations are ongoing and talks could still fall through, the people said. A spokesman for Uber declined to comment, while a representative for Grubhub couldn’t immediately comment. Uber is shuttering its own food-delivery unit, Uber Eats, in seven countries where the service has proven unpopular, it said last week. Those markets represented 1% of Uber Eats gross bookings and 4% of the business’s adjusted losses before interest, taxes and depreciation for the first quarter of 2020, the company said.
Though the losses have led to much speculation on potential consolidation in the industry, lofty private valuations and antitrust concerns have made some food-delivery players resistant to striking a deal. Those issues may be easier to iron out for Grubhub and Uber, which both have publicly traded stocks. A year after Uber’s public offering, the company still trades below its peak valuation as a private company.
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