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Uber has made an offer to buy food delivery company Postmates, according to a report in The New York Times. The report doesn’t say how big the deal would be, but it could be finalized as soon as tonight; discussions are said to be ongoing.

Demand for Uber’s ride-hailing business has plummeted during the coronavirus pandemic as people stay at home, but the same circumstances have driven a huge increase in food delivery orders.

Uber has been looking for ways to boost its food service, Uber Eats, after laying off more than a quarter of the company’s overall workforce.

Uber attempted to buy GrubHub earlier this year, but the deal fell apart amid reported antitrust scrutiny and GrubHub ended up going to European service Just Eat Takeaway for $7.3 billion. Postmates would likely be a smaller deal; it’s a private company and its last valuation was $2.4 billion. The company has already been in talks to sell itself to suitors including DoorDash and GrubHub, according to the Times.

The News Brig has contacted Uber regarding the potential deal.

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Uber agrees to purchase Postmates with $2.65 billion all-stock deal

Journey-sharing firm Uber Applied sciences Inc. has agreed on a deal to purchase food-delivery app Postmates Inc. in a $2.65 billion all-stock settlement, Bloomberg Information reported late Sunday, citing individuals acquainted with the matter.

The deal has been authorized by Uber’s board and might be introduced as quickly as Monday, Bloomberg reported, including that Pierre-Dimitri Gore-Coty, head of Uber’s meals supply enterprise, Uber Eats, is predicted to proceed to run the mixed supply enterprise.

Uber and Postmates didn’t instantly reply to a Reuters request for remark.

Final week, Reuters reported that Postmates had revived plans for an preliminary public providing following dealmaking within the US on-line meals supply service sector that sparked acquisition curiosity within the firm.

Postmates was final valued at $2.four billion, when it raised $225 million in a personal fundraising spherical final September.

Based in 2011, San Francisco-based Postmates accounted for eight % of the U.S. meal supply market in Might, in accordance with analytics agency Second Measure.

Uber had plans to additionally purchase Grubhub Inc by means of its Uber Eats enterprise, however walked away from the deal as Simply Eat NV finally reached a $7.three billion settlement final month to purchase the U.S. on-line meals supply firm.

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