NEW YORK (AP) — Mobile ride-hailing company Uber said Tuesday that it's acquiring the alcohol-delivery platform Drizly for $1.1 billion in stock and cash.
Uber expects more than 90% of the sum to be paid to Drizly stockholders in shares of Uber common stock and the remainder paid in cash.
Boston-based Drizly formed about eight years ago and delivers alcohol in 26 U.S. states where it is legal. Upon closing of the deal, expected in the first half of this year, Drizly will become a wholly-owned subsidiary of Uber.
Shares in Uber jumped more than 8% in morning trading, to $57.14.