Delivery Hero SE (XTRA:DHER) signed an agreement to acquire an additional 39.4% stake in Glovoapp23, S.L. from a number of shareholders for approximately €770 million on December 31, 2021. The consideration will be paid through the issuance of 7.9 million new shares of Delivery Hero. In connection with the transaction, Delivery Hero committed to provide a back-stop financing of up to approximately €250 million to Glovo, in several tranches, in the course of 2022. After closing, Glovo will continue operations with their existing brand and platform under their current management team led by its two founders who will remain invested in Glovo. Glovo reported revenue of approximately €800 million for the period 2021. The transaction is subject to certain customary conditions and regulatory approvals, including merger control clearance in several countries, and is expected to occur in the second quarter of 2022. As of February 28, 2022, National Commission of Markets and Competition (CNMC) have approved the transaction. JPMorgan Chase & Co. acted as financial advisor and Cuatrecasas as legal advisor to Delivery Hero, while Morgan Stanley acted as financial advisor and Latham & Watkins as legal counsel for the selling shareholders. Eduardo Bagaria & Miguel Morales of Uría Menéndez Abogados, S.L.P. acted as legal counsel to Glovo. José Antonio Sánchez-Dafos, Andreas Lönner and José María Jiménez-Laiglesia of Latham & Watkins LLP acted as legal advisors to selling shareholders of Glovo. Nelson Jung, Miguel Odriozola, María Begoña Barrantes Díaz of Clifford Chance acted as legal advisor to Delivery Hero.

Delivery Hero SE (XTRA:DHER) completed the acquisition of Glovoapp23, S.L. from a number of shareholders on July 4, 2022.