Uber reportedly acquires Postmates for $2.65 billion - Engadget

Uber has acquired online food delivery service Postmates for $2.65 billion in stock, according to the NY Times and Bloomberg.

The deal is expected to help Uber better compete against food delivery giant DoorDash and will be a consolation prize after it failed to acquire GrubHub.

The deal, first reported late in June, could be particularly valuable to Uber in Los Angeles and the US Southwest where PostMates is strong.