Uber Might Buy Deliveroo

23 September, 2018, 11:41 | Author: Regina Silva
  • Deliveroo was in financing talks last year with Soft Bank Group one of Uber's major investors

Uber Technologies Inc.is in talks to take over United Kingdom delivery company Deliveroo, according to Bloomberg, which quotes anonymous sources.

Having raised US$480 million from investors previous year, Deliveroo is one of the biggest startups in Europe, and also the direct competitor to Uber's food delivery arm, Uber Eats.

Shares in Just Eat (LON:JE) have fallen deep into the red in today's session, following a Bloomberg report that Uber was in early talks to buy rival Deliveroo. The deal still faces several hurdles, and may not go through, since numerous founders of Deliveroo are reluctant to give up the company's independence, reports Bloomberg.

After closing down ride-hailing business in Southeast Asia, China, and Russia, Uber is now considering several acquisition opportunities. The San Francisco-based company is also weighing other acquisitions; it is in talks with Middle Eastern ride-sharing rival Careem.

Deliveroo is one of Europe's most successful start-ups and was founded by British-Taiwanese Will Shu in 2012.

Uber is reportedly in early talks to buy Deliveroo, a hot London-based food delivery startup.

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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.

The potential takeover of Deliveroo would be a victory for Uber, which is trying to dominate the food delivery segment in Europe.

As of 12:36 BST, Just Eat's share price had given up 5.34 percent to 670.20p, significantly underperforming the broader United Kingdom market, with the benchmark FTSE 100 index having climbed into positive territory and now standing 0.81 percent higher at 7,427.36 points.

A merger would lead to a "war for market share" that would be "very damaging" to Just Eat's profits, analysts at Canaccord Genuity said.

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

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