Uber Buys EzCater to Add Corporate Catering to Uber Eats
UBER is trading near its 52-week low of $65.41 (7.2% above the low).
Summary
Uber is acquiring EzCater, a corporate catering marketplace, for $2.3 billion in cash to integrate catering into Uber Eats. The deal expands Uber's food delivery footprint into the business catering segment, complementing its recent $14.8B Delivery Hero acquisition. EzCater generated more than $2.5 billion in gross bookings over the trailing 12 months. This follows Uber's aggressive expansion strategy in food delivery and logistics.
At the time of this announcement, UBER was trading at $70.12 on NYSE in the Technology sector, with a market capitalization of approximately $141.9B. The 52-week trading range was $65.41 to $101.30. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.