Uber Technologies, Inc. (NYSE:UBER) on Tuesday announced that it has agreed to acquire ezCater, Inc. for $2.3 billion in cash, expanding Uber Eats into higher-value workplace catering and group ordering.
Uber Technologies Inc (NYSE:UBER, XETRA:UT8), the ride-hailing and food delivery company, has agreed to acquire ezCater, a US catering and workplace meals platform, in an all-cash transaction valued at $2.3 billion, the companies announced on Tuesday. The platform handled more than $2.5 billion in gross bookings, the total value of orders placed, over the last 12 months, with year-over-year growth in the high teens.
Uber is buying a catering company called ezCater, as it continues to grow the types of services available through its Uber Eats division. It's an all-cash transaction valued at $2.3 billion.
Shopify provides essential digital infrastructure for millions of merchants in over 175 countries. Uber Technologies dominates the global mobility and delivery markets through its massive logistics network.
The deal gives Uber Eats access to ezCater's network of more than 140,000 restaurants in the U.S., which generate over $2.5 billion in annual gross bookings.
Uber Technologies, Inc. (NYSE: UBER) and ezCater, Inc. today announced that they have entered into an agreement for Uber to acquire ezCater, a leading U.S. plat
Uber said on Tuesday it would buy US catering platform ezCater in an all-cash deal for $2.3 billion, expanding its food-delivery and workplace meals business.
Uber Technologies is rated a Strong Buy, driven by robust institutional accumulation despite recent share price weakness. UBER's current valuation is seen as undervalued, with significant room for multiple expansions as the EV, ride-hailing, and robotaxi markets grow. Institutional ownership in UBER has reached an all-time high, signaling confidence in the stock's potential for an upward move.