Uber: buys alcohol on-demand service Drizly

(CercleFinance.com) - Global ride-hailing Uber Technologies said it is acquiring US on-demand alcohol service Drizly for approximately 1.
1 billion dollars, in a deal that mostly includes stock.

After the acquisition's completion, which is expected in the first half of the year, Drizly will become a wholly-owned unit of Uber, with Drizly's marketplace eventually integrating the Uber Eats app, Uber said.

Present in over 1,400 cities across most US states, Drizly is North America's largest e-commerce alcohol marketplace, offering scheduled deliveries to its consumers.

Uber expects that more than 90% of the price paid to Drizly shareholders will consist of common shares, with the balance to be paid in cash.

The Uber shares were up 6% on the news.

Copyright (c) 2021 CercleFinance.com. All rights reserved.