Uber is acquiring Postmates for approximately $2.65 billion in an all-stock transaction, the companies said on Monday. This transaction brings together Uber’s global Rides and Eats platform with former rival Postmates’ delivery business in the U.S.  “Delivery-as-a-service,” just became an even stronger thing!

Following the closing of the transaction, Uber says it intends to keep the consumer-facing Postmates app running separately.

The transaction, subject to customary closing conditions, is expected to close in Q1 2021.

Wachtell, Lipton, Rosen & Katz served as legal counsel to Uber. J.P. Morgan Securities served as financial advisor and Latham & Watkins as legal counsel to Postmates.

[Image courtesy: Postmates]