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Uber to purchase alcohol delivery service Drizly

Uber to purchase alcohol delivery service Drizly
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Uber said Tuesday it has reached an agreement to acquire the alcohol delivery service platform Drizly for about $1.1 billion in stock and cash, further expanding the ride-share company’s services.

Once the transaction is completed, Drizly will be integrated with Uber’s food delivery platform, Uber Eats, and also maintain a separate Drizly app.

“By bringing Drizly into the Uber family, we can accelerate that trajectory by exposing Drizly to the Uber audience and expanding its geographic presence into our global footprint in the years ahead,” Uber CEO Dara Khosrowshahi said in the announcement

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Drizly is based out of Boston. The on-demand alcohol delivery service was founded in 2012 and has grown to serve cities across dozens of U.S. states, as well as Alberta, Canada.

“It’s a proud day for the Drizly team as we recognize what we’ve accomplished to date but also with the humility that much remains to be done to fulfill our vision. With this in mind, we are thrilled to join a world-class Uber team whose platform will accelerate Drizly on its mission to be there when it matters—committed to life’s moments and the people who create them,” Drizly co-founder and CEO Cory Rellas said in the announcement.

The deal is subject to regulatory approval and expected to close within the first half of 2021, according to Uber’s announcement.

Uber has been expanding in recent months. The company completed its $2.65 billion acquisition of delivery platform Postmates in December.