Local delivery platform Delivery Hero has announced that it would acquire the Latin America operations of Glovo – a Barcelona-based on-demand delivery startup – for up to €230M, including a €60M performance-based earn-out. The deal also includes a performance earn-out and the transaction between the two companies is expected to be completed within the next few weeks, if fulfillment conditions and regulatory approvals go as planned.
Glovo’s operations in some LatAm countries to go on until March 2021
Under the acquisition deal, Delivery Hero will take over Glovo’s entire operations in Latin American countries. This includes Argentina, Peru, Ecuador, Panama, Costa Rica, Honduras, Guatemala and the Dominican Republic. It is worth noting that Delivery Hero already has a presence in Argentina, Panama and the Dominican Republic, and the newly acquired assets in these markets will be transferred to Delivery Hero at the closing of this deal.