Uber manages to acquire a Boston-based alcohol e-commerce marketplace Drizly in a cash-and-stock deal which worth $1.1 billion.
Forbes confirmed that Uber has a plan to acquire Drizly, and they said that they would trade more than $900 million worth of stock for Drizly. The transaction is still pending for now but could end soon in the first half of 2021.
If this deal is finalized, Drizly would become a wholly owned subsidiary of Uber. Besidfes, its booze-on-demand services will become a part of “Uber Eats” application of Uber. In their press release, Uber CEO Dara Khosrowshahi said that Uber wants to make lives of people little bit easier.
That’s why we’ve been branching into new categories like groceries, prescriptions and, now, alcohol.
Uber CEO Dara Khosrowshahi.
Drizly shareholders expected to receive payment from Uber stock if this deal is finished. Tiger Global Management, Polaris Partners, Avenir Growth Capital, and First Beverage Group would be beneficial from this bargain.
Drizly was founded in 2012 by Cory Rellas, Justin Robinson, Nicholas Rellas and Spencer Frazier. This company has attracted about $120 million in investment thanks to several fundraising rounds.
This company right now has over 200 employees and their retailers’ partners appear in more than 1.400 cities where legal drinking age consumers are allowed to order beer, wine and spirits directly to their doorsteps.
Drizly has spent the last 8 years building the infrastructure, technology, and partnerships to bring the consumer a shopping experience they deserve.
Cory Rellas, CEO of Drizly.
He added that he was proud of what Drizly has earned so far and this accomplishment is recognizable. About this partnership, Mr. Khosrowshahi -CEO of Uber- said that this relationship can help Uber accelerate trajectory and expand their geographic presence.
Speaking to CNBC, CEO of Uber said that this one would be a win-win bargain for both side. However, Drizly representative still keeps silent about this deal and release no new update so far.
