Spanish Glovo Sells its Business in Latin America for €230M

Glovo, a major delivery service that operates in 22 countries via its app, is selling its Latin American business to Delivery Hero for €230 million, the companies said in a joint statement.

« Delivery Hero, a delivery platform, today announced that it has entered into an agreement with Glovo to acquire its Latin American operations for €230 million… The deal is expected to close within the next few weeks, subject to preconditions and appropriate regulatory approvals », – the message says.

The deal will cover all Latin American countries where Glovo operates, including Argentina, Peru, Ecuador, Panama, Costa Rica, Honduras, Guatemala and the Dominican Republic. Delivery Hero is currently present in Argentina, Panama and the Dominican Republic, the acquired assets in these markets will be transferred to the company.

Glovo will continue to do business in these countries until March 2021.

Berlin-based Delivery Hero is present in Europe, Latin America, Asia, the Middle East and North Africa. The company has its own delivery service in 600 cities and employs 27 thousand people.

Glovo, a Barcelona-based company, operates in 650 cities in 22 countries and has 2.5 million monthly active customers.

source: bloomberg.com

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