Delivery Hero announced it was entering into an agreement with Glovo to acquire its operations in Latin America 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 Latin American 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 Latin American footprint. Glovo will continue to operate the business in these countries until March 2021.