Shares of Uber Technologies Inc. UBER,
they gathered 5.3% in pre-sale trading on Tuesday, after the equestrian company announced an agreement to buy Drizly’s on-demand alcohol market for $ 1.1 billion in stocks and cash. Uber said it expects more than 90% of the payment to Drizly shareholders to be in Uber stock. The deal is expected to close within the first half of 2021, after which Drizly will become a wholly owned subsidiary. “Wherever you want to go and whatever you need to get, our goal at Uber is to make people’s lives a little easier,” Uber CEO Dara Khosrowshahi said. “That’s why we’ve been entering new categories such as groceries, prescriptions and, now, alcohol.” Uber’s stock has grown 51.6% over the three last months through Monday, and the S&P 500 SPX,
has gained 14.0%.