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Uber Technologies, Inc. (NYSE: UBER) has finalized the acquisition of Drizly for approximately $1.1 billion, comprising around 18.7 million newly issued Uber shares and cash. This strategic move aims to enhance Uber Eats by integrating Drizly's alcohol delivery services, which have seen a 200% surge in consumer demand over the past year. Drizly, the leading on-demand alcohol marketplace in North America, will continue to operate its app while being featured on Uber Eats. This acquisition is expected to broaden Uber's service offerings and geographic reach.
Positive
Acquisition expands Uber Eats' service offerings with Drizly's popular alcohol delivery.
Projected synergies expected to enhance growth and market reach.
Drizly's alcohol sales have grown significantly, indicating strong consumer demand.
Negative
Potential challenges with the integration of Drizly into Uber's existing operations.
Risks associated with achieving anticipated synergies and growth in Drizly's business.
SAN FRANCISCO & BOSTON--(BUSINESS WIRE)--
Uber Technologies, Inc. (NYSE: UBER) today announced that it has completed its acquisition of Drizly and that the two companies will begin integrating their complementary delivery apps and services. The purchase consideration was approximately $1.1 billion, consisting of approximately 18.7 million newly issued shares of Uber common stock plus cash.
To “toast” to this milestone, Uber and Drizly are offering $5 off purchases made on Drizly through this Sunday, October 17, with the promo code PAIR at checkout.**
Drizly is the leading on-demand alcohol marketplace in North America, available and designed to be fully compliant with local regulations in more than 1,600 cities across 33 US states. Drizly works with thousands of local retailers to provide consumers with an unmatched shopping experience and the largest selection of beer, wine, and spirits.
Drizly is now a wholly owned subsidiary of Uber. Over the coming months, Drizly’s marketplace will be featured within the Uber Eats app, while also maintaining a separate Drizly app and web experience.
“Uber Eats and Drizly are truly the perfect pairing,” said Uber CEO Dara Khosrowshahi. “As we invest in expanded offerings in our delivery business—from grocery and convenience stores to a wide variety of retailers—alcohol remains a key driver of demand from consumers in the US. On the Uber Eats app searches for alcohol items have spiked by 200% in the last year alone. By joining forces with Cory’s talented team, we can accelerate our shared trajectory by introducing Drizly to Uber consumers and expanding its geographic presence in the years ahead.”
"I'm incredibly proud of the team at Drizly for all the work that's gotten us here today. We've spent the last few years building the infrastructure to bring this category online," said Cory Rellas, CEO of Drizly. "Today is the start of another chapter and we couldn't be more excited about becoming a part of the Uber family. With their platform, technology, scale, and expertise, we will accelerate our mission of becoming the go to place for alcohol – anytime, anywhere, for any occasion. We look forward to the journey ahead in continuing to create the consumer experience we all deserve in beverage alcohol. We hope you'll join us in celebrating."
About Uber
Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 25 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.
About Drizly
Drizly is North America's largest e-commerce alcohol marketplace and the best way to shop beer, wine, and spirits. With the speed and convenience of on-demand or scheduled delivery, Drizly partners with retailers in 1,400+ cities to offer consumers of legal drinking age unrivaled selection and a transparent, personalized shopping experience. As the industry leader, Drizly partners with retailers to bring their shelves online, helping them to reach new customers, tap into key market and customer insights, and diversify their business to grow sales.
This communication contains forward-looking statements regarding Uber Technologies, Inc.’s (“Uber,” “we” or “our”) future business expectations which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements relate to, among other things, future events and anticipated results of the operations and anticipated benefits of the transaction, the amount and timing of synergies from the transaction, and other aspects of Uber’s operations and include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our acquisition of Drizly Inc. (“Drizly”); the costs, expenses or difficulties related to the acquisition of Drizly, including the integration of the Drizly business; failure to realize the expected benefits and synergies of the transaction in the expected timeframes or at all; failure to grow Drizly’s business at historical rates or at all, or to expand its business geographically; the potential impact of the consummation of the transaction on relationships with our and/or Drizly’s employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to us and/or Drizly; inability to retain key personnel; changes in legislation or government regulations affecting us or Drizly; developments in the COVID-19 pandemic and resulting business and operational impacts on us and/or Drizly; and economic, financial, social or political conditions that could adversely affect us, Drizly or the transaction. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Form 10-Qs or Form 8-Ks filed with the Securities and Exchange Commission. All information provided in this communication is as of the date of this communication and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable, and information available to us, as of such date. We undertake no duty to update this information unless required by law.
**Must be 21+ to order in the USA or 18+/19+ in Canada depending on provincial law. Promo code valid until October 17, 2021 at 11:59 PM PDT. Codes may be applied to the delivery fees or products, depending on applicable state or provincial laws. Promos are not valid in CT, MO, OH, OK, PA or HI. Discounts are restricted to delivery fees up to $5 in GA, IN, MA, ME, MN, NC, NJ, TX, VA, WA and Alberta. Codes cannot be combined with any other offers. Code is redeemable for one time use only. Redemption towards purchases or delivery fees under $5 will not result in value or credit to be used at a later date. Not valid at all retailers. Items are subject to availability and may not be carried by all retailers. Prices are set by retailers in your area. Input your delivery address on www.drizly.com or on our apps for local inventory and pricing information.
What is the significance of Uber's acquisition of Drizly?
The acquisition allows Uber to enhance its delivery services by integrating Drizly's leading alcohol marketplace, potentially increasing customer demand and revenue.
How much did Uber pay for Drizly?
Uber completed the acquisition for approximately $1.1 billion, consisting of cash and newly issued shares.
When did Uber finalize the acquisition of Drizly?
Uber announced the completion of the acquisition on October 13, 2021.
What is Drizly's market position?
Drizly is the largest on-demand alcohol marketplace in North America, operating in over 1,600 cities.
How will this acquisition affect Uber's stock?
The acquisition could positively impact Uber's stock by expanding its service offerings and increasing potential revenue streams.
