On Tuesday Uber agreed to buy the Boston-based alcohol delivery firm Drizly for $1.1 billion, according to Axios.com. The deal will be completed in both cash and stock.

  • The acquisition represents a strategic departure for Uber since Drizly doesn’t hire delivery drivers itself.
  • Following the acquisition, Drizly co-founder and CEO Cory Rellas will remain with Uber in an executive role.
  • Drizly experienced significant growth in 2020 aided by the pandemic and has raised $85 million in venture capital since being founded in 2012. 

Uber stock is currently gaining. UBER: NYSE is up 8.03%