Uber Reportedly In Talks To Acquire GrubHub

GrubHub delivery person next to an image of a smartphone with the Uber logo

GrubHub delivery person next to an image of a smartphone with the Uber logo

Uber has made an offer to acquire grubhub and could seal the deal as soon as this month.

Grubhub's market cap is now $4.3 billion, while Uber was worth almost $55 billion at Monday's close. Shares of GrubHub jumped about 29 percent to $60.50, while those of Uber rose 6 percent. First-quarter revenue generated from restaurant food deliveries increased 53% to $819 million as the coronavirus-related stay-at-home orders boosted demand for the service.

Tom Forte, an analyst with Davidson, said the pandemic will likely expand the size of the food delivery market, perhaps permanently. In a 2019 report, Uber had 20 percent of the delivery app market while grub hub had 30 percent.

Earlier today news broke that Uber is pursuing an acquisition of Grubhub.

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However, the ride-hailing business at Uber and smaller rival Lyft Inc have been suffering due to the travel restrictions and both companies have pulled their full-year outlooks.

Furthermore, Arounian would expect significant cost-saving opportunities from a combined company, particularly in sales and marketing expenses, but also in technology, and headcount, which can go a long way in "alleviating the gross margin pressure driven by the actual cost to deliver meals".

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