Zomato to acquire Uber's food delivery business in India

Zomato to acquire Uber's food delivery business in India
Zomato Media Private Ltd., ("Zomato") has signed a definitive agreement to acquire Uber's food delivery business in India ("Uber") in an all-stock transaction, which gives Uber 9.99% ownership in Zomato.

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective today.

Upon closing of the said acquisition, our shareholding in Zomato shall stand reduced to about 22. 71 % on fully converted & diluted basis, Info Edge said in the filing.

Stock view:
Info Edge (India) Ltd is currently trading at Rs2,645 up by Rs55.9 or 2.16% from its previous closing of Rs2,589.10 on the BSE.
The scrip opened at Rs2,601 and has touched a high and low of Rs2,645 and Rs2,601 respectively.




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