Delivery Hero said it would buy the Latin American operations of Glovo for up to 230 million euros ($272 million), extending the reach of the food delivery group that was recently promoted to Germany’s blue-chip stock index.
The deal adds Peru, Ecuador, Costa Rica, Honduras and Guatemala to Delivery Hero’s stable of businesses, while expanding its existing operations in Argentina, Panama and the Dominican Republic.
The deal includes a performance-based ‘earn-out’ of 60 million euros, and is expected to close in the next few weeks, Delivery Hero said in a statement.
The Berlin-based group operates in 44 countries across Europe, Latin America, Asia, the Middle East and North Africa. It also operates its own delivery service in over 600 cities.
Source: Reuters.com