Per a
Reuters report
,
Uber Technologies
’
UBER
previously announced acquisition of Autocab, a U.K.-based taxi-software company, has been cleared by the competition watchdog.
In January, the Competition and Markets Authority (“CMA”) began its investigation of the deal, announced last August, for potential impact on rivals.
The investigation revealed that there was “only limited indirect competition” between the two companies. Joel Bamford, senior director of mergers at the CMA, stated that, “the companies are not close competitors” and “will continue to face competition from rivals and Autocab’s customer taxi companies can switch to credible alternative providers if they wish”.
On this consent, an Uber spokeswoman said, “We are delighted that the CMA has approved our acquisition of Autocab. We look forward to working with the Autocab team to help local operators grow and provide drivers with genuine earnings opportunities.”
With coronavirus taking a significant toll on Uber’s mobility business, the company is trying to expand its delivery operations, which is experiencing a boom with order volumes from homebound customers surging. To this end, the company recently launched on-demand prescription delivery service in Chicago, IL and Atlanta, GA in partnership with Nimble. Chicago and Atlanta customers can avail these delivery services through the Uber Eats app.
Following an initial pilot program of the prescription delivery service in Dallas, Austin, and Houston in Texas, Uber first introduced the service in New York City; Miami, FL; Los Angeles; San Diego, CA and Orange County earlier this year.
Zacks Rank & Key Picks
Uber carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the
Internet – Services
space are
Etsy
ETSY
,
Facebook
FB
and
Dropbox
DBX
. While Etsy sports a Zacks Rank #1 (Strong Buy), Facebook and Dropbox carry a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Shares of Etsy, Facebook and Dropbox have rallied more than 400%, 74% and 44% in a year’s time, respectively.
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