Uber agrees to buy alcohol delivery service Drizly for $1.1 billion

Uber announced Tuesday it is acquiring alcohol-delivery service Drizly for $1.1 billion in stock and cash.

Following the completion of the transaction, Drizly’s marketplace will be integrated with the Uber Eats app. The company will keep the standalone Drizly app as well, it said.

The deal is expected to close within the first half of 2021. Uber said that it anticipates that more than 90% of the consideration to be paid to Drizly shareholders will consist of shares of Uber common stock, and the balance will be paid in cash.

Uber stock was up 5% in the premarket.

This is breaking news. Please check back for updates.

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