Delivery Hero picks up Glovo’s LatAm ops for $272M in latest food delivery consolidation

Delivery Hero picks up Glovo’s LatAm ops for $272M in latest food delivery consolidation

2 weeks ago
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https://techcrunch.com/2020/09/16/delivery-hero-picks-up-glovos-latam-ops-for-272m-in-latest-food-delivery-consolidation/

More consolidation in the thin-margin food delivery space: Delivery Hero has announced it’s buying the LatinAm operations of Glovo, a Spanish on-demand delivery app. The German company said today that it’s paying up to €230 million to take over eight markets, including a €60M performance-based earn-out.

The transaction, which Berlin-based Delivery Hero said it expects to close within a few weeks, will cover all of the Latin American countries where Glovo operates — namely: Argentina, Peru, Ecuador, Panama, Costa Rica, Honduras, Guatemala and the Dominican Republic.