Uber will bring the booze after acquiring Drizly for $1.1B
Uber is bringing the booze.
The mobile ride-hailing company said Tuesday that it is 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. Drizly says it partners with retailers in 1,400 cities to deliver beer, wine and spirits to customers through its mobile app.
Upon closing of the deal, expected in the first half of this year, Drizly will become a wholly owned subsidiary of Uber. The companies said that Drizly’s marketplace will be integrated with the Uber Eats app, while keeping a separate Drizly app.
Shares in San Francisco-based Uber jumped 7% in afternoon trading, to $56.42.
Alcohol delivery boomed early in the pandemic as consumers loaded up on essentials and tried to limit trips to the store. U.S. alcohol online sales jumped 553% in April, according to NielsenIQ. They have since moderated, but are still higher than a year ago. In October, online sales were 180% higher than a year ago.
The acquisition gives Uber access to an established player in that space, which could be a leg up in the fiercely competitive food delivery market.
Support Available to Additional Low-Income Seniors Through Preserving Our Diversity Program
Over 150 senior households experiencing economic hardship are now receiving financial assistance through the Preserving Our Diversity (POD) pilot program, and additional assistance is available. The POD program provides financial assistance to very low-income, long-term Santa Monica senior renters to help cover basic needs like food, healthcare, and transportation.
The Santa Monica City Council approved the $2 million expansion of the program in the summer of 2019 to assist a total of 250 to 400 seniors facing financial hardship. Despite the financial impacts of COVID-19 and reductions to the City budget and staff, the City Council continued investments in the POD program recognizing the vulnerability of Santa Monica’s low-income senior community.
The cash-based assistance aims to help households achieve a minimum amount of monthly after-rent income of $700 for a one-person household or $1,225 for a two-person household. To be eligible for the program you must:
Be a senior aged 65 or older.
Have lived in a Santa Monica rent-controlled apartment since before January 1, 2000.
Have an annual household income less than or equal to $39,450 for a one-person household or $45,050 for a two-person household.
Not already be living in a subsidized apartment or participating in a rental voucher program.
“We would like to help more senior households meet their most critical and basic needs and ask for seniors to apply,” said Community Services Director Andy Agle. “If you have a neighbor or family member who qualifies and would benefit, please help them through the application process.”
If you meet the above criteria and are interested in applying for POD, please apply online (in English and Spanish) via computer, tablet, or smartphone, through a secure website at www.santamonica.gov/pod, or by calling the Santa Monica Housing Authority at (310) 458-8743.
The application period will remain open for interested seniors to apply. All qualified applications submitted to the City will be placed on a waitlist. Applicants will then be selected by lotteries for enrollment on a rolling basis over the coming months.
Know someone who might qualify for the program? Please share information with them, encourage them to apply, or help them apply.
For additional information or questions, please visit www.santamonica.gov/pod.
Submitted by Constance Farrell, Public Information Officer