Sep 19, 2020, 16:03 EST
Bronx, United States, Sep 19, 2020, 16:03 /Comserve / -- The world’s most prominent local delivery platform, Delivery Hero SE, announced on Wednesday, i.e., September 16, 2020, that it has signed an agreement with Glovo to acquire all its operations in Latin America.
Berlin, September 17, 2020: The world’s most prominent local delivery platform, Delivery Hero SE, announced on Wednesday, i.e., September 16, 2020, that it has signed an agreement with Glovo to acquire all its operations in Latin America. The acquisition is for about EUR 230 million, which includes a EUR 60 million earn-out based on performance. The company aims to complete the transaction process within the following few weeks that is subject to attaining the conditions precedent and appropriate regulatory approvals.
The acquisition includes all the countries in Latin America in which Glovo functions, such as Peru, Argentina, Ecuador, Costa Rica, Panama, Honduras, the Dominican Republic, and Guatemala. Amongst these, Delivery Hero already operates in Panama, Argentina, and the Dominican Republic, and the assets acquired from Glovo in these markets will be assigned to Delivery Hero at closing.
The acquisition of Glovo’s businesses in Peru, Costa Rica, Ecuador, Guatemala, and Honduras adds five new countries to Delivery Hero’s Latin American operations. As per the company, Glovo will continue its operations in these countries until March 2021.
The CEO and Co-Founder of Delivery Hero, Niklas Östberg shared that the company is proud to have Glovo’s Latin American business as a part of its global network. He added that the acquisition of Glovo’s local operations gave Delivery Hero the chance to double down its efforts to carry innovation, endlessly progress customer experience, and back home-grown vendors in Latin America.
Recently on August 27, 2020, Delivery Hero had also acquired all the outstanding shares of an online grocery delivery platform, InstaShop for a valuation of USD 360 million. It has also released its H1 financial reports for the year 2020 on the same day, according to which, the segment revenue stood at EUR 1,126.8 million which is 93.7% more than EUR 581.8 million of the corresponding period of 2019. However, the gross profit for the first half of the financial year 2020 stood at EUR 167.2 million, which is 0.6% less than that of H1 2019.
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