Uber Announces Its Plans To Acquire Drizly In $1.1 Billion Deal

Uber, a San Francisco-based tech giant company, announces its plans to acquire Drizly in a $1.1 billion deal.…
Uber

Uber, a San Francisco-based tech giant company, announces its plans to acquire Drizly in a $1.1 billion deal. Drizly, the biggest alcohol delivery platform in North America is a Boston-based alcohol e-commerce marketplace. Uber said it would trade over $900 million worth of stock for Drizly.

This transaction will be closing in the first six months of 2021 and is pending regulatory approval. Once this deal has been finalized, Drizly will be a wholly-owned subsidiary of the tech-giant company.

Wherever you want to go and whatever you need to get, our goal at Uber is to make people’s lives a little bit easier. That’s why we’ve been branching into new categories like groceries, prescriptions, and, now, alcohol.

CEO Dara Khosrowshahi

You can also read: Covid-19 Vaccination Programme Will Help the UK’s Economy To Rebound-Bank of England

Drizly shareholders are expected to receive about 90% of the payment in Uber stock, while the tech-giant company will pay the remaining 10% in cash. Uber, which was founded in 2012 has over 200 employees and partners with retailers in over 1,400 cities where legal beer consumers can order wine, beer, and spirits to their doorsteps.

Drizly has spent the last 8 years building the infrastructure, technology, and partnerships to bring the consumer a shopping experience they deserve. It’s a proud day for the Drizly team as we recognize what we’ve accomplished to date but also with the humility that much remains to be done to fulfill our vision. Cory Rellas, Drizly’s CEO since 2018.

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