Uber agrees to buy alcohol delivery service Drizly for $1.1 billion
Summary
Uber announced Tuesday it is acquiring alcohol-delivery service Drizly for $1.1 billion in stock and cash. Following the completion of the transaction, Drizlys marketplace will be integrated with the Uber Eats app. Founded in 2012, Drizly has become the leading on-demand alcohol delivery service in the U.S. and is available in 1,400 cities. "During this time our delivery business as been growing at extraordinary rates," Uber CEO Dara Khosrowshahi told CNBC on Tuesday. Uber said that it anticipates that more than 90% of the consideration to be paid to Drizly shareholders will consist of shares of Uber common stock, and the balance will be paid in cash.
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