Uber to Buy Alcohol Delivery Startup Drizly for $1.1 Billion

  • DoorDash, GoPuff are said to have held talks with startup
  • Drizly backers to receive more than 90% of price in Uber stock
Watch: Drizly Inc. co-founder and CEO Cory Rellas says this was the right time to sell to Uber for $1.1 billion. (Source: Bloomberg)
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Uber Technologies Inc. agreed to acquire Drizly Inc., which makes an on-demand alcohol delivery app, for $1.1 billion, beating out at least two rival companies that held talks with the startup.

The deal is Uber’s biggest since July when it bought Postmates, a food delivery app. The Drizly purchase primarily consists of Uber stock, with less than 10% in cash, the companies said in a statementBloomberg Terminal Tuesday. The acquisition excludes Drizly’s cannabis delivery arm, an Uber spokesman said. Uber shares climbed about 7%.