uber postmates bastian lehmannisaac new

According to Uber, delivery people will enjoy more opportunities to earn income, with increased batching of orders to make better use of their time.

Following the closing of the transaction, Uber intends to keep the consumer-facing Postmates app running separately, supported by a more efficient, combined merchant and delivery network. Last month Uber added a new Pickup map experience to the Uber Eats app to allow users to more easily check out neighborhood restaurants while on the go.

“Over the past eight years we have been focused on a single mission: enable anyone to have anything delivered to them on-demand,” said Postmates Co-Founder and CEO Bastian Lehmann. “Joining forces with Uber will continue that mission as we continue to build Postmates while creating an even stronger platform that brings this mission to life for our customers.

Together we can ensure that as our industry continues to grow, it will do so for the benefit of everyone in the communities we serve,” said Postmates Co-Founder and CEO Bastian Lehmann.

Uber currently estimates that it will issue approximately 84 million shares of common stock for 100% of the fully diluted equity of Postmates.

The boards of directors of both companies have approved the transaction, and stockholders representing a majority of Postmates’ outstanding shares have committed to support the transaction. The transaction is subject to the approval of Postmates stockholders, regulatory approval and other customary closing conditions and is expected to close in Q1 2021. Wachtell, Lipton, Rosen & Katz served as legal counsel to Uber.


J.P.

Now that Uber owns Postmates, it’s apparently ready to cut workers it believes are superfluous. Uber has confirmed to the New York Times that it’s laying off about 185 people at Postmates, or about 15 percent of the delivery company’s staff. Most of the executives are leaving, including founder and CEO Bastian Lehmann.

There may be more departures in the months ahead as contracts expire and others are asked to leave.

The layoffs come as Uber melds its Eats platform with Postmates.
Although there will still be a distinct Postmates app, it’ll increasingly run on Uber Eats technology. There just isn’t the need to have as many team members supporting Postmates, as unfortunate as the human toll will be.

There’s also the simple matter of survival in the current climate.

Morgan Securities LLC served as financial advisor and Latham & Watkins LLP as legal counsel to Postmates.

Conference Call with Uber Executives to Discuss Transaction

Today at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time), Uber CEO Dara Khosrowshahi will host a conference call with Uber CFO Nelson Chai to discuss the transaction and answer questions from financial analysts. The live webcast of the conference call and a slide presentation will be available on the Uber Investor Relations website at investor.uber.com.

Uber Second Quarter 2020 Results Conference Call

Uber will hold its quarterly conference call to discuss its financial results for the second quarter of 2020 on Thursday, August 6, 2020, at 1:30 p.m.
Pacific Time (4:30 p.m.


As more people and more restaurants have come to use our services, Q2 bookings on Uber Eats are up more than 100 percent year on year. We’re thrilled to welcome Postmates to the Uber family as we innovate together to deliver better experiences for consumers, delivery people, and merchants across the country,” said Uber CEO Dara Khosrowshahi.

“Over the past eight years we have been focused on a single mission: enable anyone to have anything delivered to them on-demand. Joining forces with Uber will continue that mission as we continue to build Postmates while creating an even stronger platform that brings this mission to life for our customers.
Uber and Postmates have been strong allies working together to advocate and create the best practices across our industry, especially for our couriers.

Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent Form 10-Qs or Form 8-Ks filed with the Securities and Exchange Commission (the “SEC”). 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.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

On his Linkedin page, Lehmann states that he is the current founder of a “stealth startup.”

Lehmann founded food delivery giant Postmates in 2011. In December 2020, Uber acquired Postmates for $2.65 billion in an all-stock deal. By that time, Postmates had grown to cover 80% of households in the United States, with more than 600,000 restaurants listed on its platform for deliveries and take out.

Cointelegraph previously reported that the Chinese food delivery giant Meituan Dianping is joining the country’s central bank digital currency efforts. Across the world, Grubhub is enabling its users to earn rewards in Bitcoin (BTC) as part of its partnership with Lolli.

Uber and Postmates have been strong allies working together to advocate and create the best practices across our industry, especially for our couriers. Together we can ensure that as our industry continues to grow, it will do so for the benefit of everyone in the communities we serve.”

The transaction comes on the heels of the June $7.3 billion mega-deal, which saw Dutch food delivery company Just Eat Takeaway agree to buy Grubhub for $7.3 billion. That deal will create the world’s largest online food delivery company outside of China and provide Just Eat Takeaway a major entry into the U.S.

market.

Uber currently estimates that it will issue approximately 84 million shares of common stock for 100% of the fully diluted equity of Postmates.

Postmates, including the integration of the Postmates’ business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with our and/or Postmates’ employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to us and/or Postmates; inability to retain key personnel; changes in legislation or government regulations affecting us or Postmates; developments in the COVID-19 pandemic and resulting business and operational impacts on us and/or Postmates; and economic, financial, social or political conditions that could adversely affect us, Postmates or the proposed transaction.
No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Important Additional Information Will be Filed with the SEC

Uber will file with the SEC a registration statement on Form S-4, which will include a prospectus of Uber. INVESTORS ARE URGED TO CAREFULLY READ THE REGISTRATION STATEMENT AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT UBER, POSTMATES, THE PROPOSED TRANSACTION AND RELATED MATTERS.

News

According to local news outlet FinanceFWD, German entrepreneur Bastian Lehmann is making a move into the crypto industry with the creation of a new startup called “TipTop Labs.” Although details surrounding the venture remain unknown, its website states the firm seeks to provide “consumer finance solutions for an emerging web.”

On its careers page, it appears that TipTop Labs is hiring a blockchain engineer whose primary responsibilities include “Building protocol components that integrate across different blockchain systems,” and “leading the design and architecture of core protocols and tokens.” The firm has been registered in the State of Delaware since February. On his Linkedin page, Lehmann states that he is the current founder of a “stealth startup.”

Lehmann founded food delivery giant Postmates in 2011.

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