Delivery Apps: Glovo Has a New Owner

In a transaction valued at around $272 million, German company Delivery Hero acquired Glovo's operations in eight Latin American countries, including Costa Rica, Honduras, Guatemala, Panama and the Dominican Republic.

Wednesday, September 16, 2020

Delivery Hero strengthens its position in Latin America, adding Peru, Ecuador, Costa Rica, Honduras and Guatemala to its existing presence, and further expanding its existing operations in Argentina, Panama and the Dominican Republic, the German business group reported.

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From the Delivery Hero release:

Berlin, September 16, 2020. Delivery Hero SE ("Delivery Hero"), the world's leading local delivery platform, announced today that it was entering into an agreement with Glovo, an emerging on-demand delivery company, to acquire its Latin American operations. for up to 230 million euros, including a 60-million-euro performance-based profit. The transaction is expected to close in the coming weeks, subject to compliance with conditions precedent and regulatory approvals.

The transaction will cover all Latin American countries in which Glovo operates, including Argentina, Peru, Ecuador, Panama, Costa Rica, Honduras, Guatemala and the Dominican Republic. In addition to these countries, Delivery Hero already has operations in Argentina, Panama, and the Dominican Republic, and newly acquired assets in these markets will be transferred to Delivery Hero at closing. With the acquisition of Glovo's operations in Peru, Ecuador, Costa Rica, Honduras and Guatemala, Delivery Hero adds five new countries to its Latin American presence. Glovo will continue to operate the business in these countries until March 2021.

Niklas Östberg, CEO and co-founder of Delivery Hero, said: "Latin America is a region with exceptional growth potential for online delivery. The acquisition of Glovo's local operations gives us the opportunity to increase our efforts to drive innovation, continuously improve the customer experience, and support local suppliers in the region. We have worked closely with Glovo for many years and are proud to incorporate their Latin American services into our global network."

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