Uber Expands Delivery Market to Include Groceries; Buys Cornershop


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Investing.com – Uber (NYSE:UBER) stock jumped in midday trade on Friday after the ride-sharing company said it is buying a stake in online grocery provider Cornershop.

The Cornershop currently operates in Mexico, Chile, Canada and Peru but will allow Uber to expand its delivery service to include grocery stores.

“Whether it’s getting a ride, ordering food from your favorite restaurant, or soon, getting groceries delivered, we want {0|Uber}} to be the operating system for your everyday life,” Uber (NYSE:UBER) CEO Dara Khosrowshahi said in a statement.

No valuation was disclosed and the deal is expected to close by early 2020, pending regulatory approval.

Shares of Uber surged 4.3% to $30.10 in midday trade.

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