Why Uber Technologies Stock Jumped 7% Today

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Shares of Uber Technologies (NYSE: UBER) rose 7% on Tuesday after the company announced it had agreed to acquire alcohol delivery service Drizly for $1.1 billion in cash and stock. The on-demand booze delivery provider will become a wholly owned subsidiary of Uber and will eventually be integrated with the Uber Eats app.

Drizly is a leading player in the space, serving thousands of local merchants in over 1,400 cities by delivering beer, wine, and spirits to consumers. But Uber will not be acquiring Drizly’s cannabis delivery business.

Bloomberg reports that prior to agreeing to the deal with Uber, Drizly had spoken with both DoorDash and goPuff, a delivery service that recently acquired alcoholic beverage retailer BevMo!

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