Jim Cramer Explains What Uber Buying Drizly Means for Restaurants

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In merger and acquisition news, Uber is buying Drizly for $1.1 billion.

"Wherever you want to go and whatever you need to get, our goal at Uber is to make people’s lives a little bit easier. That’s why we’ve been branching into new categories like groceries, prescriptions and, now, alcohol," said Uber CEO Dara Khosrowshahi. "Cory (Rellas) and his amazing team have built Drizly into an incredible success story, profitably growing gross bookings more than 300 percent year-over-year."

"By bringing Drizly into the Uber family, we can accelerate that trajectory by exposing Drizly to the Uber audience and expanding its geographic presence into our global footprint in the years ahead,” Khosrowshahi added.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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