Uber to Acquire Alcohol Delivery Platform Drizly

Ride-hailing leader Uber Technologies (NYSE: UBER) announced Tuesday it has agreed to acquire alcohol delivery service Drizly for $1.1 billion in cash and stock. Drizly works with local retailers in more than 1,400 cities across the U.S. to deliver beer, wine, and spirits to consumers.  

The transaction, approximately 90% of which will be funded by Uber stock, is expected to close in the first half of 2021. Uber has branched out from its core ridesharing service with Uber Eats to deliver food, and is now expanding to alcohol. It recently announced it also was adding prescription delivery in New York City. 

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Source Fool.com