Mubasher: Uber Technologies Inc. has acquired food-delivery service Postmates Inc. for about $2.65 billion in an all-stock transaction.

The US ride-hailing giant aims “to keep the consumer-facing Postmates app running separately, supported by a more efficient, combined merchant and delivery network,” according to a statement on Monday.

Uber is expected to issue about 84 million shares of common stock for 100% ownership in Postmates.

“This transaction brings together Uber’s global Rides and Eats platform with Postmates’ distinctive delivery business in the US.”

The deal, still pending approval of Postmates’ shareholders, regulatory approval, and other customary closing conditions, is forecast to close in the first quarter of 2021.

“As more people and more restaurants have come to use our services, Q2 bookings on Uber Eats are up more than 100% year on year. We’re thrilled to welcome Postmates to the Uber family as we innovate together to deliver better experiences for consumers, delivery people, and merchants across the country,” Uber CEO Dara Khosrowshahi said.