Deals in Brief
Uber Technologies to Acquire Postmates for $2.65bn
Uber Technologies Inc, a provider of ride-hailing services through its app and websites, reached a definitive agreement to acquire Postmates Inc, an operator of logistics and on-demand delivery platform that connects customers with local couriers, for $2.65bn in an all-stock transaction. Both are based in the US.
Uber currently estimates that it will issue approximately 84 million shares of common stock for 100% of the fully diluted equity of Postmates.
Bastian Lehmann is the CEO of Postmates.
The boards of directors of both companies have approved the transaction, and stockholders representing the majority of Postmates’s outstanding shares have committed to support the transaction.
The transaction is subject to the approval of Postmates stockholders, regulatory approval and other customary closing conditions and is expected to close in Q1 2021. Wachtell, Lipton, Rosen & Katz served as legal counsel to Uber. JP Morgan Securities LLC served as financial advisor and Latham & Watkins LLP as legal counsel to Postmates.
DoorDash to Secure $400m in Series H Funding
DoorDash Inc, a US-based provider of on-demand prepared food delivery services, is raising approximately $400m in funding in a Series H round.
With this transaction, DoorDash would be valued at more than $16bn at pre-infusion.
Planned on June 11, 2020, DoorDash is secureing venture funding from Rowe Price Group, Fidelity Investments, SoftBank Vision Fund and other investors.
Consortium to invest $500m in Travelport
Travelport Worldwide Limited, a UK based technology company that operates travel commerce platform providing distribution, technology, payment and other solutions for the global travel and tourism industry, has announced that it has received commitments for $500m in financing from Siris Capital Group, LLC, Evergreen Coast Capital Corp and Elliott Management Corporation.
Travelport has been impacted by the ongoing coronavirus pandemic, which has cut the number of people and businesses using travel services dramatically.
Just Eat Takeaway.com to Acquire Grubhub
Just Eat Takeaway.com has entered into a definitive agreement to acquire 100% of the shares of Grubhub in an all-stock transaction.
Grubhub is a US-based online and mobile prepared food ordering and delivery marketplace.
Under the terms of the transaction, Grubhub shareholders will be entitled to receive American depositary receipts (ADRs) representing 0.6710 Just Eat Takeaway.com ordinary shares in exchange for each Grubhub share, representing an implied value of $75.15 for each Grubhub share and implying a total equity consideration (on a fully diluted basis) of $7.3bn.
On completion, Matt Maloney, CEO and founder of Grubhub, will join the Just Eat Takeaway.com management board and will lead the combined group's businesses across North America and two current Grubhub directors will join the Just Eat Takeaway.com supervisory board.
The combined group will be headquartered and domiciled in Amsterdam, the Netherlands, with its North American headquarters in Chicago and a significant presence in the UK.
Cisco Systems to Acquire ThousandEyes
Cisco Systems Inc, a company that develops, manufactures and sells networking hardware, software, telecommunications equipment and other high-technology services and products, has agreed to acquire ThousandEyes Inc, a network intelligence company that provides internet and cloud intelligence platforms, for a purchase price of nearly $1bn. Both companies involved in the transaction are based in the US.
Mohit Lad, the CEO and co-founder of ThousandEyes, will take on the role of general manager, and co-founder, CTO Ricardo Oliveira, will continue to drive ThousandEyes's product vision and innovation strategy.
Following the transaction, ThousandEyes will join Cisco's newly-formed networking services business unit. The acquisition is expected to close before the end of Cisco's Q1, 2021.
Taimen Investment Plans to Acquire Weibo
Taimen Investment, an investment firm, is in negotiation to acquire Weibo Corporation, a social network company known for its microblogging website, for CNY2bn ($280.95m).
Both the entities are based in China.