Food deliverer Grubhub’s shares soar on Uber acquisition talks

Uber is reportedly in talks to acquire food delivery giant Grubhub.

The ride-hail company is looking to buy Grubhub at a time when it has seen its Uber Eats delivery platform surge in popularity during the coronavirus pandemic, according to the Wall Street Journal.

Reports of the talks sent Grubhub shares spiking more than 25 percent Tuesday morning, while shares of Uber climbed 7 percent.

Grubhub’s market cap is currently $4.3 billion, while Uber was worth nearly $55 billion at Monday’s close.

The companies could reach an agreement as soon as this month, with the Journal reporting that Uber has proposed an all-stock deal.

Uber said it does not comment on rumors and speculations, while Grubhub declined to comment.

Uber’s revenue from restaurant food deliveries rose by more than 50 percent year-over-year to $819 million in the recently reported first quarter.

The Post recently reported that Uber has seen Eats usage surge in the outer boroughs as New Yorkers are locked indoors.

With Post wires.


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