Uber in 'early talks' to buy Deliveroo

Marco Green
September 23, 2018

Deliveroo is one of Europe's biggest startups, raising around $480mn from investors past year including Fidelity Investments and T. Rowe Price Group Inc.

Both Deliveroo and Uber share roots in gig economy structures, with self-employed delivery drivers making up the bulk of Deliveroo's workforce.

The Uber talks were first reported by Bloomberg, which quoted sources saying any deal would have to be "considerably above" Deliveroo's latest valuation of $2bn.

Uber now has a series of other ventures in the pipeline, including the potential acquisition of Dubai-based ride hailing startup Careem and significant renewed investment in autonomous driving technology.

Uber CEO Dara Khosrowshahi has made food-delivery business a top priority ahead of the ride-hailing giant's planned 2019 initial public offering.

We'll be updating this story as when more information about Uber's potential acquisition of Deliveroo is released, so be sure to check back in.

Deliveroo presently operates in more than 200 cities across 12 nations, including Italy, Ireland, France, Germany, Netherlands, Australia, Belgium, Hong Kong, Singapore, Spain, UAE, and the UK. According to the Friday report, Deliveroo is valued at about $2 billion. Berlin-based food delivery company, Delivery Hero SE stock plunged 1.16 percent in Frankfurt, whereas Deliveroo's arch-rival Just Eat Plc shares fell as much as 5.6 percent in London.

'The combination of two competitors is the last thing Just Eat wants to hear, ' he adds.

Other reports by Click Lancashire

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