Uber agrees to purchase alcohol supply service Drizly for $1.1 billion

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Uber introduced Tuesday it’s buying alcohol-delivery service Drizly for $1.1 billion in inventory and money.

Following the completion of the transaction, Drizly’s market shall be built-in with the Uber Eats app. The corporate will hold the standalone Drizly app as effectively, it mentioned.

Based in 2012, Drizly has develop into the main on-demand alcohol supply service within the U.S. and is offered in 1,400 cities. The acquisition may assist drive folks to make use of Uber’s app extra typically.

Uber Eats has been a key section to Uber’s enterprise amid the Covid-19 pandemic, which has dramatically diminished the variety of folks leaving their houses.

The deal is anticipated to shut throughout the first half of 2021. Uber mentioned that it anticipates that greater than 90% of the consideration to be paid to Drizly shareholders will encompass shares of Uber frequent inventory, and the stability shall be paid in money.

Uber inventory was up about 5% within the premarket.

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