Good morning, Term Sheet readers. I hope that those of you stateside have had a relaxing long weekend—though news that has come out in recent hours suggest many of you have been in full throttle.
Here are three deals to start your day off with:
Uber buys food-delivery peer Postmates for $2.65 billion in stock: Uber’s deal to create the largest food-delivery company in the U.S. by acquiring rival Grubhub had disintegrated. Now, roughly a month later, Uber is acquiring a smaller peer as companies fight to consolidate the space: Postmates. “In our opinion, Uber finds itself with its back against the wall on the consolidation theme as the Grubhub deal fell apart,” writes Dan Ives over at Wedbush in an analyst note. By his estimate, the deal would give the combined duo about a third of the market share—but still below that of leader DoorDash. The deal represents a 10% uptick to Postmates’ last private round of funding, which valued it at $2.4 billion.
Berkshire Hathaway finds its first (pandemic) crisis-era deal: While other investors jumped in as markets dove early in the pandemic, the Oracle of Omaha, who has made many of his best bets in the middle of crises, stayed away. “We haven’t seen anything that is attractive,” said Warren Buffett in early May. Then markets rebounded and his skeptics wondered if the storied dealmaker would be able to find his next bet. It seems like Buffett has found his next investment in the struggling natural gas sector: Berkshire has agreed to acquire the natural gas pipeline and storage assets of Dominion Energy for about $9.7 billion ($5.7 billion of that being through the assumption of debt).
The United Arab Emirates is buying cows: The pandemic has reinvigorated conversations around reshoring global supply chains. One fascinating example: In a bid to boost food security, the United Arab Emirates is importing 4,500 dairy cows from Uruguay. With climates that make farming difficult, the UAE and its neighbor are heavily dependent on imports for food supplies.