Delivery Hero strengthens its global footprint and acquires Glovo's operations in Latin America
16 Sep 2020
by Press Team
Delivery Hero acquires Glovo's full operations in Latin America for up to EUR 230 million
Delivery Hero strengthens its position in Latin America, adding Peru, Ecuador, Costa Rica, Honduras and Guatemala to its current footprint, and further expanding its existing operations in Argentina, Panama and the Dominican Republic
The transaction is expected to close within the next few weeks
Berlin, 16 September 2020 - Delivery Hero SE ('Delivery Hero'), the world's leading local delivery platform, today announced it was entering into an agreement with Glovo, an on-demand delivery start-up, to acquire its operations in Latin America for up to EUR 230 million, including a EUR 60 million performance-based earn-out. The transaction is expected to close within the next few weeks, subject to fulfillment of the conditions precedent and relevant regulatory approvals.
The transaction will cover all of the Latin American countries in which Glovo operates, including Argentina, Peru, Ecuador, Panama, Costa Rica, Honduras, Guatemala and the Dominican Republic. Out of these countries, Delivery Hero is already present in Argentina, Panama and the Dominican Republic, and the 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 footprint. 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. Acquiring Glovo's local operations gives us the opportunity to double down on our efforts to drive innovation, continuously improve customer experience and support local vendors in the region. We have been working closely with Glovo for many years, and are proud to incorporate their Latin American services into our global network.'
Oscar Pierre, CEO of Glovo, said:
'We feel that it's important to focus on key markets where we can build a long-term sustainable business and continue to provide our unique multi-category offering to our customers. This deal will allow us to strengthen our presence in those markets where we are already very strong, while also allowing us to invest in new markets where we see huge growth potential and opportunity. We truly believe that Delivery Hero is the best possible partner to take the business we've built in Latin America to the next level. They have everything it takes to go on and become the leading player in the region.'
ABOUT DELIVERY HERO
Delivery Hero has a strong presence in 39 out of 44 countries in which it is operating across Europe, Latin America, Asia, the Middle East and North Africa. Delivery Hero also operates its own delivery service primarily in over 600 cities around the globe. Headquartered in Berlin, Germany, the company group has more than 27,000 employees. Delivery Hero is listed on the Frankfurt stock exchange and became part of the leading index DAX (Deutscher Aktienindex) in 2020. For more information, please visit www.deliveryhero.com
Glovo is an on-demand delivery platform that allows you to buy, collect and send any product or item within your city. Born in Barcelona, the company operates in over 650 cities in 22 countries across EEMEA, LATAM and Sub-Saharan Africa. Glovo has more than 2.5 million monthly active users, 50,000 active couriers and over 50,000 associated partners worldwide. For more information about Glovo, please visit:http://about.glovoapp.com/en/
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Delivery Hero SE published this content on 16 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2020 15:54:01 UTC