Uber is paying $2.3 billion to push Uber Eats into catering.
The company confirmed the catering spend as part of an ongoing run of acquisitions meant to turn Eats into a full-scale food delivery operation. It's a strategy Uber has leaned on for years: buy market share rather than build it, then fold the pieces into Eats' existing app and driver network. The announcement didn't specify which company is being acquired, what assets come with it, or when the deal closes. That's standard for Uber, which tends to lead with the dollar figure and let integration details trickle out later.
Catering is a different business than single-order delivery. It runs on bulk orders, advance scheduling, and corporate accounts, a market Eats has mostly left to dedicated caterers and office-lunch startups. Bolting that onto an existing delivery network could give Uber a steadier, higher-margin revenue stream in a business that has historically run on thin margins.
Diversification or empire-building, take your pick. At $2.3 billion a pop, Uber keeps answering questions about Eats' growth with another acquisition instead of organic expansion.