Uber Secures ezCater for $2.3 Billion to Accelerate Corporate Delivery Strategy

How the deal came about

Information detailing the exact timeline and negotiations leading to the agreement between Uber and ezCater was not disclosed in the primary press release or subsequent regulatory filings as of October 8, 2026. According to Reuters on October 6, there were no reported rival bids during the acquisition process. DoorDash, Uber’s primary competitor, has pursued an organic growth strategy in workplace catering rather than engaging in competitive bidding, according to Inc. Magazine on October 7.

Valuation and comparables

The transaction implies a valuation multiple of approximately 0.9x gross bookings, based on ezCater generating over $2.5 billion in Gross Bookings over the trailing 12 months, according to Uber Technologies Investor Relations on October 6. Uber and ezCater did not disclose ezCater’s standalone revenue, net take rate, or ARR, making it impossible to calculate a precise EV/Sales multiple, according to MarketMaze on October 8. Furthermore, ezCater’s EV/EBITDA multiple was not disclosed. While Uber stated ezCater is profitable on a non-GAAP operating income basis and projected to be margin accretive, exact EBITDA and operating profit numbers were absent from the October 6 announcement.

The $2.3 billion price represents a $700 million step-up over ezCater’s $1.6 billion post-money valuation established during its December 2021 funding round led by SoftBank, according to Tech Funding News on October 7. Information regarding comparable deals and their multiples within the corporate catering sector was not disclosed or readily identifiable in primary financial reporting surrounding this transaction.

Financing and structure

Uber will fund the acquisition entirely with cash, according to Reuters on October 6. The specific structure of this cash financing—whether drawing from cash on hand, revolving credit facilities, or new debt issuance—was not disclosed in the initial announcement, according to Nation’s Restaurant News on October 6. Until closing, ezCater and Uber will continue to operate as separate companies, according to The Daily Star on October 7.

Risks, conditions and key dates

• October 6, 2026: Uber Technologies announced the definitive agreement to acquire ezCater (Uber Technologies Investor Relations).
• October 8, 2026: Uber had not filed a Current Report on Form 8-K under Item 1.01 regarding the acquisition with the U.S. Securities and Exchange Commission (SEC EDGAR database).
• Pending: The deal is subject to U.S. antitrust review and customary closing conditions (Uber Technologies Investor Relations).
• Expected Closing: The companies expect the transaction to close “in the coming months” (Uber Technologies Investor Relations).

Where reports disagree

All major news outlets and primary filings agree on the headline deal consideration of $2.3 billion and the gross bookings figure exceeding $2.5 billion, according to Reuters and Dow Jones Newswires on October 6. Discrepancies exist regarding the characterization of ezCater’s gross bookings growth rate. The official Uber Technologies Investor Relations release on October 6 stated that trailing 12-month bookings growth was in the “high teens,” a figure supported by Reuters. However, Inc. Magazine reported on October 7 that the growth was generalized as “double-digit” year-over-year growth.