Delivery Hero has announced the acquisition of Glovo’s full operations in LATAM, strengthening its position in the region by adding new markets to its current footprint.
Delivery Hero is entering into an agreement with Glovo to acquire its operations in LATAM 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 LATAM 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 LATAM footprint. Glovo will continue to operate the business in these countries until March 2021.
Headquartered in Germany, Delivery Hero has a strong presence in 39 out of 44 countries in which it is operating across Europe, LATAM, Asia, the Middle East and North Africa. Delivery Hero also operates its own delivery service primarily in over 600 cities around the globe.
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