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Deals

Uber expects Postmates deal to close by year end after regulatory nod

FILE PHOTO: An Uber logo is shown on a rideshare vehicle during a statewide day of action to demand that ride-hailing companies Uber and Lyft follow California law and grant drivers "basic employee rights'', in Los Angeles, California, U.S., August 20, 2020. REUTERS/Mike Blake

(Reuters) - The U.S. Justice Department has approved Uber Technologies Inc's UBER.N $2.65 billion acquisition of food delivery company Postmates, clearing the way for the deal to close by the end of 2020, the ride-hailing firm said.

Earlier in September, Uber said the department was scrutinizing its plan to buy Postmates over antitrust concerns, and had put the deal on hold until both companies complied with the government’s request for more details to receive an approval.

Reporting by Tiyashi Datta in Bengaluru; Editing by Shinjini Ganguli

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